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One family’s year end giving strategy

Bob and Mary have always been philanthropic with their time and money. As the end of the year approaches, they have considered many strategies that will most effectively utilize their charitable contributions. Bob and Mary are coming off a higher income year, and also have gifts of appreciated stock they would like to donate. The two talked to their financial advisor, who gave them three options that would best use their charitable dollars, give them maximum tax savings, and help them continue the spirit of charitable giving with their family during the holiday season.
Firstly, Bob and Mary have appreciated stock they’d like to donate. By contributing the stock to their Donor Advised Fund, they have made one transaction, and they can make multiple grants in the future, thus simplifying their record keeping and maximizing efficiency. Secondly, since they are coming off a higher income year, Bob and Mary were looking at paying a larger amount in income tax in April. Instead, with a contribution to their Donor Advised Fund, they can get an immediate tax deduction now, and decide where to grant funds in the future. Finally, since charitable giving is such a strong tradition for Bob and Mary’s family, during the holiday season they plan on sitting down with their family and collectively deciding where they should direct their funds in their DAF. This way, even the youngest in their family are instilled with a philanthropic drive and passion to continue Bob and Mary’s work. Does this sound like a good option for you? For more information contact Shannon Sundberg.

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