Jewish Community Foundation.
Here are some useful tips to consider from five professional advisors who have recently completed the 2018 Trusted Charitable Advisor Program at the Jewish Community Foundation.
With the doubling of the standard deduction, one concern is that many taxpayers will no longer need to itemize deductions and, thus, won’t benefit from their charitable contributions to the same extent as they have in the past. Donor Advised Funds may be a strategy that could help individuals continue to reap the benefit of their contributions.
Individuals can gift several years’ worth of charitable contributions to a donor advised fund at one time, receive the immediate tax benefits, and grant to any non-profit in later years. Making the larger initial contribution may allow an individual to continue to itemize deductions.
- Carrie Snyder Vilaplana, Senior Private Banker
Many families think very highly of charitable gifting and consider it one of their core values. Because of this, the best overall tip is to implement a well thought-out, and detailed giving plan. This plan should address questions such as how much to gift, to which organization(s) should we gift, and how to execute on that gifting. A well thought-out plan is often a conversation starter for families and individuals about their overall philanthropy.
- Greg Jankowski, CFP, Financial Advisor
Throughout the year I ask clients how they teach their children and grandchildren about giving or giving back. Questions to consider may be: Do you talk about giving during the holiday season? Do you include your children in charitable events that celebrate helping others?
- Elizabeth “Liza” C. Pille, Wealth Manager
Individuals over 701/2 can contribute up to $100,000 annually from their IRA required minimum distribution (RMD) to charity to avoid income tax on the distribution. These distributions can be fully or partially gifted directly to qualified charitable entities or gifted to an Endowment Fund as part of a legacy plan to honor their lifetime of giving. I suggest talking to the Jewish Community Foundation for more ideas.
- Julie Keeney, CPA
Everyone should visit with their CPA and Financial Advisor in November or December to analyze the years income and expenses to identify any tax savings strategies. Look for opportunities such as Tax Loss Harvesting (selling investment positions to offset each other in your taxable accounts & minimize long term gains), verifying margin tax brackets to determine if you could do Roth Conversions or just draw funds from taxable accounts (like IRA’s or 401(k)’s) at lower taxable rates, or other planning strategies.
- Brett Gottlieb, Retirement Planning
The Jewish Community Foundation offers the Trusted Charitable Advisor (TCA) program to advance charitable planning and to further strength- en our partnership with the San Diego professional advisor community. For more information and to see the full list of Trusted Charitable Advisors, please visit www.jcfsandiego.org/TCA.