We all love traditions and this time of year there are plenty of traditions to go around. After a wonderful Thanksgiving meal – which hopefully included turkey, stuffing, and great conversations with family – we all know what is coming next: Black Friday. Then Cyber Monday. For two seemingly normal days, there are countless television and email ads telling us all about “can’t miss deals”. While buying gifts for our loved ones is good, we would all probably agree that Black Friday and Cyber Monday can be a bit much. It turns out a lot of people felt this way and a movement was started in 2011 that eventually became known as GivingTuesday.
GivingTuesday is about supporting organizations that are important to you. One of the pleasures of our job is to help you facilitate charitable gifts. Fortunately, we work with many clients who love to bless others with the resources that have been entrusted to them, so we get to do this often. We started to keep track of how much our clients give from their accounts with us each year so our team can see the impact clients are having.
There are two main ways we help our clients give. The first is by helping them donate appreciated securities to a Donor-Advised Fund. You can click the link to learn more about how they work. In 2019, our clients donated $382,143 to their donor-advised funds!
The other main way we help our clients give is from their IRA accounts by doing a Qualified Charitable Distribution. Again, click the link to read about the details but it is worth mentioning here that you must be over age 70.5 to take advantage of this great way to give. In 2019, our clients donated $301,514 directly to charity from their IRA accounts!
Please let us know if you would like to know more about these methods that allow you to give more tax-efficiently. Lastly, if you are considering giving to a new charity this year, we recommend a quick review before you make that donation. This blog post will show you how to do that.