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(Nov. 3, 2022) As we approach year-end, it’s a good time to consider charitable giving and estate planning action steps that may maximize your charitable impact while minimizing your tax burden for 2022. To help in this process, Daniel Allen, a Wealth Advisor and Member at Red Door Wealth Management, shares three strategies. Please consult with your tax or financial advisor on the potential benefits to you.
Consider “bunching” future gifts in one year through a donor-advised fund. Take advantage of up-front tax deductions and give to favorite causes over several years while your fund grows tax-free. Click here to learn more about donor-advised funds.
Donate appreciated non-cash assets like stocks and mutual funds held over a year to avoid long-term capital gains taxes and receive a tax deduction.
For those with pre-tax IRAs in the required minimum distribution (RMD) stage, make a qualified charitable deduction up to $100,000 directly from those pre-tax accounts to qualified nonprofits. You can avoid ordinary income tax on those distributions while meeting your requirements.
To learn more, click here.