Is Justin Bieber a Grinch?
Grinch, Scrooge or just plain unknowledgeable about charitable giving, the rock Megastar could learn a thing or two about gift-giving from the elder statesmen in the music industry.
Some celebrities are almost as famous for their charitable causes as they are for their entertainment careers. Creating awareness for a cause is one of the easiest things a star can do. Endorsing a sports drink or a luxury automobile by wearing the companyís logo or using the product at a press conference can generate thousands of dollars in sales with this simple and effective marketing. When a celeb gives his or her stamp of approval to a charity or awareness, volunteerism and donations can really pick up.
According to Forbes magazine, the star who has devoted the largest percentage of personal publicity to a cause is rock star Jon Bon Jovi. The Jersey cowboy and his band generated nearly half a million dollars in press for his pay-what-you-can restaurant Soul Kitchen. Thatís more than % of Bon Jovi's own media value.
Paul McCartney works with PETA (People for the Ethical Treatment of Animals). His contributions are estimated at more than $1 million, which is roughly 1.4% of his personal publicity value. In addition, McCartneyís older audience is better suited with more disposable income to donate than Bieberís. The "Bieb" ranked at the very bottom of a recent study [Bieber generated just over $82,000 for the nonprofit Pencils of Promise, which builds schools in the developing world and trains young people. Thatís just .002% of his personal publicity value which is nearly $44.5 billion!].
Publicity dollars are one thing, but what about opening the pocketbook and writing a check? Thatís where you can see the true intentions of a person.
Media giant Oprah Winfrey and her Oprah Winfrey Foundation ranked 19th in the General Sentiment survey reported by Forbes. Keep in mind, however, that the talk show mogul has several charitable relationships. For example, her Angel Network has raised over $80 million for needy people worldwide.
While you and I may not be able to generate millions of dollars in donations for our favorite charity by our personal endorsement, we can show our dedication to the cause by assigning the dollars we do have to that organization in the wisest manner possible. Through thoughtful and careful financial planning with a knowledgeable estate planning attorney, the average person can make a very meaningful gift in his or her estate plan. An estate planning attorney can provide creative and insightful suggestions regarding how to use your money to give your favorite charity with the greatest return. In addition, your attorney can help reduce or eliminate the tax burden when it receives your gift.
Donít be a Grinch or a Scrooge, and donít be uninformed about how you can best plan to make your charitable donations really count. Consult an estate planning attorney and discuss the most effective way to use your money to do good work after youíre gone.