Donations have only risen an average of 0.5% per year in the past decade. However, experts now expect donations to rise at a much higher rate. The projection is that donations will increase 3.6% in 2017 and 3.8% in 2018.
The increase is anticipated due to the strength of the stock market, increasing gross domestic product, rising wages and an overall better economy.
A better economy and increased giving to charity are overall positives. However, people should remain cautious and investigate any charities before donating.
It is important to make sure that donations are primarily used for the intended purposes instead of going mostly to administrative and fundraising costs. Donors should consult with charity watchdog organizations.
An estate planning attorney can advise you on donations, as part of an estate plan that meets your unique circumstances.
