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Consider Using a Donor Advised Fund
by Joe Morgan, Best Financial Life
If you regularly give to charity and have income that fluctuates, I’m going to show you something that is going to save you money. As I’m sure you know, your charitable contributions are deductible from your income for tax purposes.
So, if you give $10,000 per year, you get to reduce your taxable income by $10,000 each year. However, it’s possible that your income may not be as predictable. If you sometimes have years with much higher income than others, I’m going to show you how to save money on taxes by using a donor advised fund.
Private Foundations for Beginners
by Scott Monk, Charis Legacy Partners
Private foundations provide flexibility for charitable legacy planning, which may make them an appealing option for those able to cover the initial and maintenance costs.
High-net-worth and ultra-high-net-worth individuals interested in building their charitable legacy have an advantage in some respects, but they may also face some unique challenges, such as higher taxes and expectations of heirs. One option that may help address these challenges is a private foundation.
Strategies to Make Your Charitable Giving Go Further
by Danielle Harrison, Harrison Financial Planning
2020 was a challenging year to say the least. Between the division in our country and the upending of our lives due to the pandemic, many were faced with situations they never imagined having to deal with. We witnessed lost jobs, lost lives, and lost moments.
The Power of Donor-Advised Funds
by Leo Marte, Abundant Advisors
There are multiple ways for individuals and families to express their charitable inclinations. How you choose to do so can have vastly different implications for your tax situation and overall financial plan. In this article, we will explore the use of donor-advised funds to give money and its benefits.
Creating a Charitable Legacy While Ensuring Lifetime Income
by Scott Monk, Charis Legacy Partners
For those who prioritize a charitable legacy but also seek to minimize longevity risk, Charitable Remainder Trusts (CRTs) may be the answer.
Those of us with strong charitable legacy goals often must balance our charitable desires with our need to account for longevity risk (i.e., the risk of outliving our assets’ ability to support us). This is a challenge for individuals regardless of income level, and one that is integral to consider when thinking about estate planning. One option for handling this challenge is a Charitable Remainder Trust (CRT).
When Donating Stock May Be The Way To Go
by Scott Monk, Charis Legacy Partners
Cash is often the go to option for charitable giving, but by donating appreciated stock instead, you may get more bang for your buck.
Creating a legacy is all about strategic financial planning, and that applies whether your goals are to provide support for charities, heirs, or a combination of both. The struggle for many of us when charitable legacy planning factors into our goals, is keeping this in mind when it comes to our charitable donations. Donating any amount to charitable causes seems like a good thing (and it is), but if we wish to make the most of our legacy, we must not just donate but donate strategically.
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.
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Good Financial Reads: A Guide to Charitable Giving
Good Financial Reads: Charitable Giving Round-Up (Part Two)
