We have found during in-depth conversations with our clients that most are interested in far more than the latest investment trends or preserving capital. They are highly motivated to build something significant and make the world a better place for those that follow them. 

1.  Do you have charities that you support regularly, say--a church pledge or monthly payments to a university or other nonprofit? You'd be better off tax-wise by gifting appreciated stock than writing a check out of cash flow. Let's say you bought stock for $10,000 in 2005 and it is now worth $20,000. You could transfer that stock directly to your charity--if they are set up to take stock donations. You may claim the full $20,000 as a charitable deduction and avoid all capital gains taxes on the $10,000 appreciation. The charity can choose to cash out the stock or keep it invested for a rainy day.

2.  Do you want to make an impact? Give like the big guys. Rather than throw $10 at each deserving charity that hits you up, choose a few well-run nonprofits whose mission you admire. Larger contributions usually means you have greater access to the organization, so you can see that your money is spent wisely. For a list and analysis of the best-managed charities in the U.S., Charity Navigator is the most respected independent charity watchdog. 

3.  If you are over fifty, you should take a look at charitable annuities as a way to leave a legacy to your favorite nonprofit. In return for a lump sum cash gift, you receive an annual income that typically pays above current returns for CDs or money market funds. The income you receive depends on the age you are when you give the original contribution. When you die, the nonprofit keeps the lump sum. For more information about this special way to give, visit the American Council on Gift Annuities. 

4.  At the end of 2010, Congress finally enacted an update to the Estate Tax laws. Now, the first $5 million of your estate--meaning all your worldly possessions including your home--is exempt from estate tax. If you are one of the "fortune-ate" ones with an estimated estate of over $5 million, setting up a charitable trust can significantly reduce estate taxes for your heirs. Even if you are in the $1-5 million range, a charitable trust could reduce potential capital gains tax on appreciated property. "Right now one of the appealing tax planning techniques is the CLAT--Charitable Lead Annuity Trust," says estate planning attorney Scott Walker. "Say you put $10 million in a CLAT. Your charity or charities of choice receive a substantial income annually for a specified term of years. With a CLAT, you can actually self-manage the funds while you are alive. At the end of the initial trust term, that $10 million lump sum (plus earnings minus charitable distributions) passes to your children or other heirs, heavily discounting their estate tax liability." If you have any questions about charitable lead trusts or charitable remainder trusts, call Scott Walker at (214) 987-9500 or visit www.w-dlaw.com.

We do have one must-do on our spring cleaning list, and that is a complete closet evaluation. If you are like most people, your closet is stuffed full of clothes you never wear. Making morning wardrobe decisions facing a cluttered closet can be a real productivity drain. So, take steps to get organized! Divide your closet into four piles:
  

1. Your go-to wardrobe staples that are still in good shape. Organize them and send those needing attention to the cleaners.
2. Items you love but need some TLC--repair or alteration. Don't kid yourself that you'll suddenly find time to turn into a seamstress. Gather them up and find a good local tailor. They can replace buttons, hem garments, and alter loose-fitting garments to show off your new spring physique.
3. Items too worn to keep--and please don't donate those to charity. Throw them away or make them into a patchwork quilt. Charities want clothes in decent condition.
4. The items that are in good shape but you never wear because they don't go with anything else.

Pile #4 needs your attention! Don't let these garments have free rent in your closet--they are a drain on your productivity! Drag them all out of your closet and lay them out. Try to find matches with other unused garments. Spot those ignored items you'd love to wear and take them on a shopping trip to find basics to turn them into a wardrobe staple OR ELSE donate them to charity. "Taking a little time to rethink the clothes and accessories you already own is an economical and fun way to greatly expand your wardrobe without having to purchase a large number of new items," says our friend and wardrobe consultant Susan Kaminsky. Susan is a nationally recognized wardrobe expert, and her advice has been featured in a number of national publications. Her advice may actually save your wardrobe budget. She is also an expert tailor, and can advise you on alterations. Give her a buzz at 214-265-9470.

When you're finished, you should have a pile of good used items to donate to charity. Caution! You can't donate your $800 St. John suit and write off $600. If you donate used clothing, you need to keep an itemized list with fair market values, and keep the receipt from the charity. The IRS is really cracking down on this type of non-cash charitable deduction. Taking photos will give you extra ammunition in case of an audit. Here is a great list of recommended amounts you can deduct for used clothing and household goods.