Page 30 - Southern Exposure - December '23

Page 30, Southern Exposure

FinanCiaL FoCUs ®

Can You Make Charitable Giving Less “Taxing”?

By Sally Sima Stahl

Once again, it’s the season Establishing a donor-advised fund and making qualified and Washington, D.C., through Edward D. Jones & Co., L.P.,
of generosity. In addition to charitable distributions are significant moves, so you’ll and in California, New Mexico and Massachusetts through
considering gifts for your need to consult with your tax advisor first. But if they’re Edward Jones Insurance Agency of California, L.L.C.;
loved ones, you might want appropriate for your situation, they may help you expand Edward Jones Insurance Agency of New Mexico, L.L.C.; and
to think about charitable gifts your ability to support the charitable groups whose work you Edward Jones Insurance Agency of Massachusetts, L.L.C.
as well. But what should you admire. Edward Jones, its employees and financial advisors cannot
know before making gifts to This article was written by Edward Jones for use by provide tax advice. You should consult your qualified tax
charities? And what impact your local Edward Jones Financial Advisor, Edward Jones, advisor regarding your situation.
might these gifts have on your Member SIPC. Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
financial and tax situation? Edward Jones is a licensed insurance producer in all states 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
First, you may want to
create a gift budget by deciding
just how much you will give to charitable organizations over Experience Dentistry with a Woman’s Touch
the rest of the year.
Next, look closely at the groups to whom you wish to
contribute. You can find many reputable charities, but some
others may be less worthy of your support. One of the red flags Cosmetic & Comprehensive Restorative Dentistry
of a questionable organization is the amount of money it spends
on administrative costs versus the amount that goes to its stated State of the Art & Same Day Restorations
purpose. You can check on the spending patterns of charitable
groups, and find other valuable information about them, on the Nitrous Oxide/Oxygen Sedation Available
well-regarded Charity Navigator website (charitynavigator.org).
Once you’ve established a gift budget and are comfortable
with the groups you choose to support, you might turn your Joanne Green, D.D.S.
thoughts to another key issue connected with charitable giving:
tax benefits. A few years ago, changes in the tax laws resulted in a 10887 N. Military Trail, Suite 6
large increase in the standard deduction, which meant that many Palm Beach Gardens, FL 33410
taxpayers found it more favorable not to itemize – and lost the
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Other, more long-term avenues also exist that combine
charitable giving with potential tax benefits. One such possibility
is a donor-advised fund, which allows you to make an irrevocable
charitable contribution and receive an immediate tax deduction.
You can give cash, but if you donate appreciated assets, such as
stocks, your tax deduction would be the fair market value of the
assets, up to 30 percent of your adjusted gross income. Plus, you
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upon the sale of these assets. Once you establish a donor-advised
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