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How to optimize your giving

Cash Gift

Part of the equation of investing is what to do with the results. Bob Landaas says giving is one of his favorite things to do with money.

“Most of us like to give money away because we want to help,” Bob said in a Money Talk Podcast. “But as money people, we like to give money away as tax efficiently as possible and to be able to maximize the impact of our gifts.”

Whether it’s sharing wealth with individuals in need, with charitable organizations or with family, some ways are better than others to optimize the benefits of a gift, Bob explains in a discussion with Kyle Tetting. They note a number of ways investors can make the most of their generosity. The conversation includes advice on gifting appreciated assets, using qualified charitable distributions and arranging donor-advised funds. Bob recommended consulting a tax professional.

In 2020, despite the challenges of the pandemic, charitable giving from households with a net worth of $1 million or more rose 48% from the amounts given in 2017, according to a report from the Indiana University Lilly Family School of Philanthropy. Average donations rose past $43,000 in 2020 from less than $30,000 three years before.

Bob explained how those who give tend to benefit from their generosity.

“It reinforces your sense of being a world citizen,” Bob said. “It reinforces your sense of being of help while you’re still alive.”

Click here for the special Money Talk Podcast on charitable giving.

Learn more
Bigger bang from charitable contributions, a Money Talk Video with Art Rothschild
IRS Publication 526, Charitable Contributions
Charitable Contributions, IRS Tax Topic
An IRS FAQ on qualified charitable distributions from IRAs

ONLINE GUIDES FOR SCRUTINIZING CHARITIES:

(initially posted December 3, 2021)

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