When couples make joint philanthropy an integral part of their love story, they enrich not just their own lives but the lives of generations to come. Giving together lets couples foster a deeper connection with each other, reinforce shared values, and build a legacy of compassion and generosity. By understanding this crucial group of donors, you can provide targeted gift information that will encourage couples to spread the love well beyond Valentine’s Day.
Charitable Decision Making
According to the Lilly Family School of Philanthropy and the Women’s Philanthropy Institute:
• About 62% of couples make their philanthropic decisions together.
• Older couples with children younger than 18 are the most likely to give jointly and in higher amounts.
• In scenarios where one person makes all the giving decisions for the household, women were more likely to be in charge and more likely to give to a broader range of causes. (See our blog post on women’s giving patterns, Women and Giving: The Importance of Engaging Female Donors, for more insights.)
Bargaining and compromise play a huge role in the decision-making process for most couples, with gender and education influencing gift amounts and specific causes. While there is conflicting information on which gender is more likely to influence the donation amount, couples who give jointly donate more of their household income than couples who leave one partner in charge of decision-making and couples who decide separately.
Gifts Built for Two
When couples make philanthropic decisions together, it can sometimes feel like they have to choose between meeting their relationship’s emotional and financial needs or fulfilling their philanthropic goals. However, some gift options offer unique financial and tax benefits, allowing couples to make a significant philanthropic impact while maximizing their financial resources.
1. Life income gifts. Charitable gift annuities (CGAs) and charitable remainder trusts (CRTs) are great options for couples looking to secure an additional retirement income stream while supporting the causes that matter to them.
• Joint-life CGAs are easy to establish and provide guaranteed lifetime income for both spouses. Right now, couples can lock in rates that are higher than they’ve been in many years (rates increased again in January).
• A single CRT can provide both spouses with a lifetime income stream. While the amount required to set up a CRT is higher than for a CGA, a CRT offers more flexibility to reach a variety of planning goals and more control over things like beneficiary designations and distribution timing.
IRA owners age 70½ or older also have the option to create a new CGA or CRT using a qualified charitable distribution (QCD)—a tax-free distribution up to $53,000 (in 2024) that counts toward the donor’s RMD if one is due. This is an interesting option for couples, as spouses can combine distributions from their own IRAs (up to $106,000 total in 2024) into a single CRT or a joint-life CGA. A CRT or CGA funded in this manner has rules and limitations slightly different from an ordinary CRT or CGA.
2. Gifts in a will. Though each spouse needs a separate will, couples often plan their wills together. Including one or more gifts in a will can be a unified expression of shared charitable values, seamlessly integrating philanthropy into an overall estate plan. The benefits are both positive and important—couples can strategically optimize tax advantages while ensuring a lasting legacy.
3. Donor-advised funds (DAFs). A DAF offers a unique option for couples who want to share charitable giving decisions over time, possibly even including their children in the decision-making process. Donor-advised funds offer remarkable versatility in letting donors choose how they give and when—a unique hands-on approach to philanthropy for donors who like the idea of taking a tax deduction now, turning over responsibility for managing the assets, and maintaining advisory privileges to recommend future charitable grants. DAFs may allow the appointment of multiple advisors. Upon the donor’s death, DAFs may enable the seamless transfer of advisory privileges to heirs or allow the remaining assets to be passed to a named charitable organization.
On Valentine’s Day, nonprofits have a golden opportunity to encourage couples to give beyond the ordinary, weaving acts of kindness and generosity into the fabric of their relationships. When couples join forces for good, they create an impact and a legacy that may well transcend what they each could have accomplished alone.
