Even those without billions of dollars to give out to charitable causes can learn a thing or two from Bill Gates and Warren Buffett’s Giving Pledge, Bestry Brill writes in Forbes magazine.
Brill explains that spending down charitable assets in a specified time frame as proposed by Gates and Buffett allows donors to practice charity while addressing some of the world’s pressing needs and witnessing the impact of their aid.
“This time-limited option may be worth considering if you have been inspired to become an active lifetime giver by the bold commitments made by some of the country’s wealthiest families,” he writes.
Brill offers some suggestions for those who want to pursue this spending down approach to philantrophy:
- “Choose trustees who possess expertise in your foundation’s priority areas (e.g., early childhood education, homelessness, medical research, etc.) and who share your passion and vision for your philanthropy. - Consider the effect a spend-down policy will have on your investment strategy.”