One of the most notable trends in
philanthropy, according to the 2012 Giving USA Study of charitable giving, is
that international giving has steadily grown despite a tumultuous economy.
Thinking about going global with
your charitable giving? When it comes to crossing borders for charitable
endeavors, one would think processes and protocols would help ease the effort.
Unfortunately, just like the globalization of the economy, the globalization of
individual charitable giving has brought with it more complex legal challenges.
This is an increasing trend,
too.
According to the 2012 Giving USA
Study of charitable giving, international giving has been increasing for the
past several years. This increase has come despite the struggling economy and
overall challenges to domestic giving. In fact, international giving has
experienced a 15.2% growth from 2009 to 2011, with the data yet to come for
2012.
To gain an appreciation of the
challenges that have come with this unprecedented rate of growth, it’s worth
reading a recent article by WealthManagement.com
titled “Giving Without Borders.”
In practical reality, giving
without borders often requires analyzing all relevant “borders” to determine
how each side of the border will account for the gifts. Indeed, “gift” can be
something of a misnomer with the rise of “impact investments.” All the same,
when an individual decides to transcend borders with generosity, the laws of
each nation and a tangle of international law may come into play.
If you do decide to go global
with your charitable giving, be sure to carefully navigate the tumultuous sea
of laws you will encounter along the way – on both sides of the border.
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Reference: WealthManagement.com
(January 14, 2013) “Giving Without Borders”