Page 5 - Jupiter Ocean Mile - November '24

Jupiter Ocean Mile, Page 5
Financial Focus ® Three Advantages

Donor-Advised Funds: A matter, virtually any appreciated asset – to a DAF, you can
avoid paying the capital gains taxes that would otherwise
Smart Way To Give be due if you were to simply sell the asset and then Of One-To-One
donate the proceeds to charitable organizations. Plus, by
receiving the appreciated asset, rather than the proceeds
By Sally Sima Stahl from a sale, the charitable groups can gain more from College Planning
You can find several ways
to make charitable gifts but if your contribution. And you can also take a tax deduction
you’re looking for a method for your donation. By Peggy Forgan, M.Ed., College Planner
that can provide multiple While these potential tax benefits can certainly make a Navigating the college admissions process can
tax benefits, along with an DAF an attractive method of charitable giving, you should be overwhelming for you and your child. I offer a
efficient platform for giving be aware of some potential tradeoffs. Once you contribute comprehensive one-to-one personalized approach
year after year, you might assets to a DAF, that gift is irrevocable, and you can’t to college planning, that will provide advantages to
want to consider a donor- access the money for any reason other than charitable significantly enhance your child’s opportunity to gain
advised fund. giving. Also, your investment options are limited to what’s admission into their top college.
Once you open a donor- available in the DAF program you’ve chosen. And DAFs One of the benefits of working with me is the
advised fund (DAF), you can can incur administrative costs in addition to the fees tailored guidance I provide to your child. Every child
contribute many types of assets, including cash, publicly charged on the underlying investments. has unique academic strengths, interests, and career
traded stocks, bonds, CDs or non-cash items such as You may want to consult with your financial aspirations. I take the time to work alongside your
closely held business interests, art or collectibles. You can professional about other potential benefits and tradeoffs child to understand specific goals and then create a
then decide how to invest the money, possibly following a of DAFs and whether a DAF can help you with your customized plan that aligns with their ambitions. This
strategy suggested by the DAF sponsor organization you’ve charitable giving goals. Also, different DAF sponsors personalized approach helps your child identify the
selected. The next step involves choosing which charities offer different features, so you will want to do some right high school activities, courses, and experiences
to support, how often to provide support (such as once a comparisons. And because DAFs can have such to build a resume that supports their passions. This
year) and how much to give each time. You’re essentially significant implications for your tax situation, you should positions your child to uniquely stand out amongst
free to direct the money to any charities you like, provided consult with your tax professional before taking action. the many competing college applicants.
they’re IRS-approved charitable organizations. If a DAF is appropriate for your situation, though, Second, I offer comprehensive support and start
Now, let’s look at the possible tax advantages offered by consider it carefully — it might be a good way to support working with your child as early as eighth grade.
a DAF: your charitable giving efforts for years to come. Although most begin in tenth or eleventh grade,
• Immediate tax deduction – A few years ago, changes in This article was written by Edward Jones for use by starting early gives your child more time to complete
tax laws resulted in a vastly increased standard deduction, your local Edward Jones Financial Advisor, Edward my speed-reading course, take two SAT test prep
which, in turn, led to far fewer people itemizing on their Jones, Member SIPC. classes, resume writing, college lists, tours, and step-
tax returns and having less incentive, at least from a tax Edward Jones is a licensed insurance producer in by-step assistance in the application process. My
standpoint, to contribute to charities. But if you don’t all states and Washington, D.C., through Edward D. test prep course pinpoints where your child should
typically give enough each year to itemize deductions, Jones & Co., L.P., and in California, New Mexico and concentrate their efforts to increase their test scores.
you could combine several years’ worth of giving into one Massachusetts through Edward Jones Insurance Agency Additionally, I guide your child in identifying and
contribution to a DAF and take a larger deduction in that tax of California, L.L.C.; Edward Jones Insurance Agency of applying for scholarship opportunities, maximizing
year. And you can claim that deduction, even though the DAF New Mexico, L.L.C.; and Edward Jones Insurance Agency their chances of reducing college costs.
may distribute funds to charities over several years. of Massachusetts, L.L.C. Third, when students begin working with me in
• Tax-free growth of earnings – Once you contribute an asset Edward Jones, its employees and financial advisors eighth or ninth grade, they learn to develop essential
to a DAF, any earnings growth is not taxable to you, the DAF cannot provide tax advice. You should consult your skills such as time management, goal setting, effective
or the charitable groups that receive grants from the DAF. qualified tax advisor regarding your situation. communication, and self-advocating. One-to-one
• Avoidance of capital gains taxes – When you donate Contact us at (561) 748-7600, Sally Sima Stahl, CFP , college planning positions your child for a future full
®
appreciated stocks or other investments – or for that AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458. of opportunity.
™
I am the owner of Class 101 College Planning
North Palm Beach and offer a free consultation to
Experience Dentistry be reached at (561) 418-7897 or www.Class101.com/
discuss your child’s college planning process. I can
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