Giving while living

You don't have to be as rich as Warren Buffett to give away your money like him. [who last week gave billions of his huge fortune to charity.]

Numerous investors have tried to emulate Mr. Buffett's famous investing style to build fortunes of their own.

Now, philanthropy advisers believe his new philanthropic plan will become a model for how to donate money in order to get the maximum charitable impact.

The moves reflect growing interest among wealthy people in making big donations while they are alive, rather than as a bequest at death. Philanthropy advisers say giving while living, as it's called, is often a smart choice. For starters, donors can reap the joy -- and, in some cases, publicity -- over their good deed. What's more, donors can keep tabs on their gift, eyeing whether the money is being used effectively.

[Excerpt of an article by Rachel Emma Silverman and Elizabeth Bernstein, The Wall Street Journal]