‘Tis the Season for Year End Giving
As we approach the end of the year, it is a time many people think about making charitable gifts. It is an opportunity to support causes important to them and also reduce their taxes. We know charitable giving is an important piece of your overall financial plan, and our team can work with you to help you meet both your financial goals and charitable wishes. Some charitable giving strategies that may make sense for you include:
DONATE STOCK
Donating appreciated assets rather than selling the asset and contributing the after-tax proceeds can allow you to increase the amount of your gift and your tax deduction.
ESTABLISH A DONOR ADVISED FUND
Make a gift and qualify for an immediate tax deduction without having to decide on the charities you want to support until you are ready.
IRA DISTRIBUTIONS
If you are 70 1⁄2 or older, you may contribute up to $100,000 from your taxable IRA directly to one or more charities. The Qualified Charitable Distribution is tax-free for the IRA owner and may be counted toward your required minimum distribution.
We are here to help you incorporate charitable giving into your financial plan and invite you to give us a call if you are interested in rounding out 2020 with gifts to your favorite charities.
