Page 19 - The Jewish Voice - November '24

The Jewish Voice, Page 19

LiFestyLes

Financial Focus appreciated stocks or other investments — or, for that matter, TGH First in Tampa Region
virtually any appreciated asset — to a DAF, you can avoid
Donor-Advised Funds: A Smart Way to Give paying the capital gains taxes that would otherwise be due if Offering Same-Day Spinal Surgery
you were to simply sell the asset and then donate the proceeds
By Sally Sima Stahl to charitable organizations. Plus, by receiving the appreciated Tampa General Hospital (TGH) is the first health system in
You can find several ways asset, rather than the proceeds from a sale, the charitable groups the Tampa region to treat a range of spine diseases and conditions
to make charitable gifts — but can gain more from your contribution. And you can also take via minimally invasive endoscopic spine surgery. Patients at
if you’re looking for a method a tax deduction for your donation. the academic health system’s TGH Neuroscience Institute
that can provide multiple While these potential tax benefits can certainly make a experience same-day discharge, quicker recovery, minimal
tax benefits, along with an DAF an attractive method of charitable giving, you should be downtime, and less pain.
efficient platform for giving aware of some potential tradeoffs. Once you contribute assets The procedure involves the surgeon inserting the endoscope
year after year, you might want to a DAF, that gift is irrevocable, and you can’t access the through a tiny incision about the size of a pencil tip to access an
to consider a donor-advised money for any reason other than charitable giving. Also, your affected area, such as a herniated disc. The device is then guided
fund. investment options are limited to what’s available in the DAF to the spine to capture video that’s projected onto a monitor. The
Once you open a donor- program you’ve chosen. And DAFs can incur administrative surgeon can also insert miniature tools through the endoscope
advised fund (DAF), you can costs in addition to the fees charged on the underlying to help perform procedures to treat bone spurs, chronic pain,
contribute many types of assets, including cash, publicly traded investments. degenerative disc disease, facet joint syndrome, herniated discs,
stocks, bonds, CDs or non-cash items such as closely held You may want to consult with your financial professional sciatic nerve compression, and spinal stenosis.
business interests, art, or collectibles. You can then decide how about other potential benefits and tradeoffs of DAFs and According to Dr. Patrick
to invest the money, possibly following a strategy suggested whether a DAF can help you with your charitable giving goals. Kim, an endoscopic spine
by the DAF sponsor organization you’ve selected. The next Also, different DAF sponsors offer different features, so you surgeon at Tampa General and
step involves choosing which charities to support, how often to will want to do some comparisons. And because DAFs can an assistant professor in the
provide support (such as once a year), and how much to give have such significant implications for your tax situation, you Department of Neurosurgery
each time. You’re essentially free to direct the money to any should consult with your tax professional before taking action. and Brain Repair at the USF
charities you like, provided they’re IRS-approved charitable If a DAF is appropriate for your situation, though, consider Health Morsani College of
organizations. it carefully — it might be a good way to support your charitable Medicine at the University
Now, let’s look at the possible tax advantages offered by a giving efforts for years to come. of South Florida, there are
DAF: This article was written by Edward Jones for use by your multiple benefits to this
• Immediate tax deduction: A few years ago, changes in tax local Edward Jones Financial Advisor, Edward Jones, Member technique, including a nearly
laws resulted in a vastly increased standard deduction, which, SIPC. zero percent chance of wound
in turn, led to far fewer people itemizing on their tax returns Edward Jones is a licensed insurance producer in all states infection. “The end result is
and having less incentive, at least from a tax standpoint, to and Washington, DC, through Edward D. Jones & Co., L.P., smaller incisions, less tissue Dr. Patrick Kim
contribute to charities. But if you don’t typically give enough and in California, New Mexico, and Massachusetts through disruption, and quicker patient
each year to itemize deductions, you could combine several Edward Jones Insurance Agency of California, L.L.C.; Edward recovery time after surgery,” he said.
years’ worth of giving into one contribution to a DAF and Jones Insurance Agency of New Mexico, L.L.C.; and Edward Dr. Kim is the first fellowship-trained endoscopic surgeon
take a larger deduction in that tax year. And you can claim Jones Insurance Agency of Massachusetts, L.L.C. in the Tampa region. He received his medical degree from LSU
that deduction, even though the DAF may distribute funds to Edward Jones, its employees, and financial advisors cannot New Orleans and completed his residency at the University
charities over several years. provide tax advice. You should consult your qualified tax of Mississippi Medical Center. Subsequently, he pursued a
• Tax-free growth of earnings: Once you contribute an asset advisor regarding your situation. fellowship in endoscopic spine surgery at the University of
to a DAF, any earnings growth is not taxable to you, the DAF, Contact us at (561) 748-7600, Sally Sima Stahl, CFP , Washington Harborview Medical Center. “I’ve witnessed the
®
or the charitable groups that receive grants from the DAF. AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL
™
• Avoidance of capital gains taxes: When you donate 33458. Lifestyles on page 20

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