Gratitude + Gifting Strategies

Ready To Retire!

With the holidays comes a season of giving, and sharing your wealth with those you love or causes you hold dear to your heart can make for a pretty fantastic, maybe even life-changing, gift.

You can help a loved one purchase their first home, pay for college, or ensure the charity of your choice receives a boost in funding.

In this episode, I share fun and creative gifting strategies and what you need to know about charitable giving.

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Episode Summary:

Remember that you always want to verify if the organization you donate to is a qualified charity and has a valid 501(c)(3) IRS designation, and that you’re following all rules and regulations tied to monetary gifts for family and friends. And, of course, always speak with your CPA or your financial advisor about any large sum gifts you plan to make.

Check out these 3 Strategies for Charitable Giving:

Donate highly appreciated assets: Rather than donating cash, you can donate an asset with increased value. This allows you to deduct the full amount, or the fair market value, of the asset at the time you make the donation and avoid paying capital gains taxes on the gain of that investment.

Gift directly from your IRA: You can make up to a $100,000 charitable donation directly from your IRA. As long as the money goes straight to the charity, you will not have to claim that as income for taxes, and this money that you donate counts towards your required minimum distribution if you're over 72.

Use Donor-advised funds: Donor-advised funds are where you make a contribution into an investment and you have time to decide who ultimately receives the money. You don't have to decide right away who will receive the money, so you can incorporate it as part of your family gifting strategy and invite your family members to help you pick who will ultimately receive how much money and when.

In hope this makes incorporating a gifting strategy into your financial planning easier, listen for:

● Understanding two main types of gifting

● Annual gift exclusion amount and other gifting stipulations

● Practicing gratitude for what you can give

Download your own Charitable Giving Checklist here: https://bit.ly/EstCharitableGivingStrategy

This episode’s must-listen moments:

[00:06:22] When you have a blessed life, there is no greater joy than sharing that with others.

[00:15:03] It's important to help prepare the next generation to receive wealth. If you've accumulated a decent size net worth, it's important to teach the people who are going to inherit it how to handle that kind of money.

[00:24:05] It's a great way to get started on a gifting program and make it become automatic so that you don't even notice these little amounts going in and going out on a regular basis.

[00:33:41] Take a minute to congratulate yourself and really enjoy the feeling that you get from giving to someone that you love, or an organization that you care about.

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About Danette: https://tinyurl.com/28pg94tt/

Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

1662 HWY 395 N, Suite 203, Minden, NV 89423

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.