Maximize your Impact!

Maximize your Impact!

I’m sure by now you are already anticipating and planning for the coming holidays. Although the New Year may seem far away, let me plant a seed for a great resolution. How about resolving to expand your giving impact, teach lessons of generosity to your family, and simultaneously save taxes? Yes, that seems like a lot, but you can do it!

If you are already writing checks to your church or favorite non-profit organizations, you may want to consider one more step in your generosity journey. With a little planning, you can maximize your impact by simply building on the foundation you have already set. Here are a few ideas:

Give appreciated assets. Getting the tax deduction for your monthly gift is helpful, but giving from appreciated assets like stock or property can allow you to save the capital gains tax as well. That’s more for your bottom line with the potential to even give more!

Give from your estate. Prudent planning can make a difference. Certain assets can be more beneficial to pass along to your family while others are more advantageous to donate based on the non-profit status of your favorite ministry. For example, life insurance generally passes to a beneficiary tax-free while traditional retirement accounts are generally taxable when distributed to a beneficiary (unless the beneficiary is a non-profit). Coordination of your assets and objectives can often create advantages.

Give beyond. Many non-profits have established endowment funds to provide sustainable income for years to come. Contributing to one of these is a wonderful way to continue your monthly contributions in perpetuity. Giving beyond writing a check might seem complex but sound counsel can simplify matters. Collaborate with your personal financial and tax advisors to develop a clear and effective plan.

Give to teach. Giving is at the heart of who God is. Including your children and grandchildren in the giving process can pay dividends for generations to come. One idea is to establish a donor-advised giving fund through a community foundation. By holding periodic family meetings to direct your giving, you can create teachable moments and leave a legacy of giving. The Apostle Paul says in Philippians 4:17, “Not that I seek the gift itself, but I seek for the profit which increases to your account.” Your journey in giving is of the utmost importance.

Take the next step in your generosity journey for maximum impact…

Talk with us about your portfolio or financial plan here: Talk with an advisor

More Reading: Wisdom before Wealth Brings Success

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