J.P. Morgan Wealth Management Wealth Partner Tracey Gluck shares her tips for contributing to charities while working towards your financial goals.
Los Angeles-based J.P. Morgan Wealth Management Wealth Partner Tracey Gluck helps her clients give back in a way that aligns with their goals.
Philanthropy in Los Angeles is booming. With a diverse array of causes to support and a gala seemingly every weekend, the City of Angels lives up to its name with residents dedicated to giving back. Los Angeles native and J.P. Morgan Wealth Management Wealth Partner Tracey Gluck is proud to be a part of this community while helping her clients get involved in a way that aligns with their goals.
After working as a special education teacher, Gluck found her calling as a financial advisor, where her commitment to helping others remains steadfast. From a gorilla conservation in Africa and dog rescue in Los Angeles, to educational and emotional support for underserved children, she is deeply involved in a variety of charities in Los Angeles and beyond.
“I have always been passionate about giving back and helping my clients make it a part of their planning,” Gluck says. “I find that if you’re a philanthropic person, your donations can be very diverse and serve various causes. There doesn’t need to be one sole focus.”
Gluck works with her clients on smart ways they can contribute to causes they care about. We sat down with her to learn some tips for giving back while simultaneously working towards your ideal financial future.
Get Educated
Step one of getting involved in philanthropy is educating yourself—on the causes you’re interested in, specific charities and their credibility, and the different ways you can give. Before making any decisions, Gluck says it’s crucial to research the organizations you’re considering to ensure that your donations will make an impact on the causes they represent.
"Recently, many of my clients want to see their charitable giving make a difference now,” Gluck says.
It’s also important to learn about your various options for giving. While donating cash can seem simple, there are ways you can give assets other than cash that could help optimize your charitable efforts. An advisor can walk you through the different options.
“If someone has the means to create a private foundation or wants to open a donor-advised fund, they could take advantage of the tax benefits of those types of vehicles,” Gluck says. “For example, if somebody has invested in a stock that has appreciated over time, they can give away that stock in a donor-advised fund and wouldn’t pay taxes on the gains, potentially increasing their giving potential. Everyone’s situation is unique, and it's all about educating my clients about their options and potential outcomes."
Design a Philanthropy Plan
When it comes to investing, it’s important to identify your goals. Gluck says the same goes for charitable giving. “Some people want to donate as much as possible while they’re still living, while other people want to leave behind a legacy when they’re gone,” she says. “I’ve found that, recently, many of my clients want to see their charitable giving make a difference now.” It’s also important to understand the long-term objectives of the organizations you’re involved with. This way, you’re able to create giving goals for yourself that align with the strides that the charity is working towards.
Cash is not always best when donating. An advisor can walk you through different options.
Once they know their long-term goals for charitable giving, Gluck helps her clients develop a plan that enables them to strategically give back. An advisor can take your personal financial situation and long-term goals into account to help you create a giving strategy that makes sense for you and your family.
According to Gluck, the first step to creating a plan is determining your full financial picture, what you need to live, and how much extra there is to put towards important causes.
“For example, if someone creates a private foundation, they will be required to distribute at least five percent of its assets to charities each year. It’s important you’ve done the proper planning to determine if that would make sense for your situation,” she says.
“It all depends on the individual–how much they can give and how much they want to allocate for their philanthropy and passions.”
Get the Family Involved
Philanthropy can be more rewarding when it’s a family affair. Not only is it valuable to teach the next generation about the importance of giving back, but involving your children in your charitable efforts can show them the impact they can make.
Getting your children involved in charitable efforts is a great way to introduce them to philanthropy early.
“With my clients who have children, I often recommend that they educate their kids on philanthropy,” Gluck says. “It's important for the whole family, so I encourage them to do it together. Many parents want to teach their children about finances, and like many parents teach kids about saving and spending, they can also teach them about donating.”
Gluck has seen her clients bring their kids into the fold in a number of ways. “I've had clients give their children a specific amount of money to donate to a charity of their choice,” she says. “They have them investigate different charities and pick which organizations they want to give to. I think it’s a great way to get them started with philanthropy at a young age.”
Follow Your Heart
Philanthropy is a highly personal endeavor, from the type and number of charities you’re involved with, to the time you dedicate to them. At the end of the day, it’s important to focus on the causes that move you.
“For me, it’s about feeling that sense of giving back,” Gluck says. “Once you determine what your goals are and how much you want to give, whether it's a small amount or a large amount, it's all about how you help others. You can't quantify that.”
J.P. Morgan Wealth Management financial advisors are dedicated to educating their clients and helping them reach their goals. Throughout our “Build Your Wealth” article series, these advisors will provide valuable insight into ways you can help maximize your financial future.
Click here to learn J.P. Morgan’s tips for building healthy financial habits, and here to learn about how investing in your passions can pay off.
Take the first step by connecting with an advisor near you at this link.
.png)
J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Certain advisory products may be offered through J.P. Morgan Private Wealth Advisors LLC (JPMPWA), a registered investment adviser. Trust and Fiduciary services including custody are offered through JPMorgan Chase Bank, N.A (JPMCB) and affiliated trust companies. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMS, CIA, JPMPWA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co.
© 2024 JPMorgan Chase & Co.
Photography by:
