In the spirit of Thanksgiving, some people have taken to making lists: not the shopping and cooking to-do lists, but a reflective accounting of our many blessings, large and small. In practicing this gratitude journal, studies show we become more mindful and appreciative.
As we center our thoughts on gifts we have received, the proceeding step is to consider how we can share our gifts with others. Asset Advisors helps our clients augment their generosity by using Qualified Charitable Donations (QCDs).
QCDs are made directly to an eligible charity from an IRA but don’t count toward the account owner’s adjusted gross or taxable income. By using these pre-tax funds, more money goes to the worthy organizations who need it. In 2022, our clients donated over $1.2 million to charity in this way.
Some of our clients have annual required minimum distributions (RMDs) from their retirement accounts and choose to delegate a portion- or all- of their RMDs as QCDs. Others find joy (and tax benefits) in giving QCDs as early as age 70.5, before RMDs begin at 73.
If you would like to discuss how to maximize your charitable giving, we would be grateful for the opportunity to speak with you at 706-650-9900.
The information in this communication is educational and general in nature and should not be construed as specific investment, tax, or legal advice. Individuals should seek advice from their wealth advisor or other advisors before undertaking actions in response to the matters discussed. No client or prospective should assume the above information serves as the receipt of, or substitute for, personalized individual advice. This represents the current opinions of Asset Advisors and presents information that may change. Nothing contained in this content may be relied upon as a guarantee, promise, assurance, or representation as to the future. All tax laws and regulations discussed are subject to change. Investing involves risk including loss of principal. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. This is prepared using third party sources considered to be reliable; however, accuracy or completeness cannot be guaranteed. The information provided will not be updated any time after the date of publication. Services and investment advice are only provided pursuant to an advisory agreement between Asset Advisors and its client.
