Warren Buffett's charity can be replicated (sort of)

We all know that you don't have money like Warren Buffett does (unless you is Bill Gates, and then you're probably not wondering about this, now are you?). But that shouldn't prevent you from giving money the same way he does. Even if it's a lot less money, it's still fun to use the same buzzwords.

And this buzz phrase, from the Wall Street Journal today [subscription required]: "giving while living." Often called "charitable gift annuities" after one of the most popular forms of high-dollar charity, the sort of thing Warren Buffett has done with his substantial fortune is really quite common. Other than the value of seeing the reaction to your largess while you're still alive to have an ego, there are tax and control benefits to giving while living (one: "you can keep an eye on how your legacy is fulfilled," according to NYU professor Jan T. Vilcek).

We non-billionaires can get more satisfaction, too, from getting involved in the charities who receive our substantial living gift. "It's the opposite of just saying, 'Here's the check, good luck,'" says one charitable advisor. Think of it as the non-profit answer to a venture capitalist -- you can provide both funds and strategic assistance.