Page 11 - Talk of Tequesta - November '24
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The Talk Of Tequesta, Page 11



                                                               financiaL focus                  ®




                       Donor-Advised Funds: A Smart Way To Give



                                                                        By Sally Sima Stahl


        You can find several ways                         • Tax-free growth of earnings – Once you contribute   your local  Edward  Jones  Financial Advisor,  Edward
      to  make  charitable  gifts                       an asset to a DAF, any earnings growth is not taxable to   Jones, Member SIPC.
      but  if  you’re  looking  for                     you, the DAF or the charitable groups that receive grants     Edward Jones is a licensed insurance producer in
      a method that can provide                         from the DAF.                                      all states and Washington, D.C., through Edward D.
      multiple tax benefits, along                        • Avoidance of capital gains taxes – When you donate   Jones & Co., L.P., and in California, New Mexico and
      with an efficient platform                        appreciated  stocks  or  other  investments  –  or  for  that   Massachusetts through Edward Jones Insurance Agency
      for giving year after year,                       matter, virtually any appreciated asset – to a DAF, you can   of California, L.L.C.; Edward Jones Insurance Agency of
      you might want to consider                        avoid paying the capital gains taxes that would otherwise   New Mexico, L.L.C.; and Edward Jones Insurance Agency
      a donor-advised fund.                             be due if you were to simply sell the asset and then   of Massachusetts, L.L.C.
        Once you open a donor-                          donate the proceeds to charitable organizations. Plus, by     Edward Jones, its employees and financial advisors
      advised  fund  (DAF),  you                        receiving the appreciated asset, rather than the proceeds   cannot provide tax advice. You should consult your
      can contribute many types                         from a sale, the charitable groups can gain more from   qualified tax advisor regarding your situation.
      of assets, including cash, publicly traded stocks, bonds,   your contribution. And you can also take a tax deduction     Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
                                                                                                                                                         ®
      CDs  or  non-cash  items  such  as  closely  held  business   for your donation.                     AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL
                                                                                                                ™
      interests, art or collectibles. You can then decide how to     While these potential tax benefits can certainly make a   33458.
      invest the money, possibly following a strategy suggested   DAF an attractive method of charitable giving, you should
      by the DAF sponsor organization you’ve selected. The   be aware of some potential tradeoffs. Once you contribute
      next step involves choosing which charities to support,   assets to a DAF, that gift is irrevocable, and you can’t
      how often to provide support (such as once a year) and   access the money for any reason other than charitable
      how  much  to  give  each  time. You’re  essentially  free   giving. Also, your investment options are limited to what’s
      to direct the money to any charities you like, provided   available in the DAF program you’ve chosen. And DAFs
      they’re IRS-approved charitable organizations.    can incur administrative costs in addition to the fees
        Now, let’s look at the possible tax advantages offered   charged on the underlying investments.
      by a DAF:                                           You  may  want  to  consult  with  your  financial
        • Immediate tax deduction – A few years ago, changes in   professional about other potential benefits and tradeoffs
      tax laws resulted in a vastly increased standard deduction,   of  DAFs  and  whether  a  DAF  can  help  you  with  your
      which, in turn, led to far fewer people itemizing on their   charitable  giving  goals. Also,  different  DAF  sponsors
      tax returns and having less incentive, at least from a tax   offer different features, so you will want to do some
      standpoint, to contribute to charities. But if you don’t   comparisons.  And  because  DAFs  can  have  such
      typically give enough each year to itemize deductions,   significant implications for your tax situation, you should
      you could combine several years’ worth of giving into   consult with your tax professional before taking action.
      one contribution to a DAF and take a larger deduction     If  a  DAF  is  appropriate  for  your  situation,  though,
      in that tax year. And you can claim that deduction, even   consider it carefully — it might be a good way to support

      though the DAF may distribute funds to charities over   your charitable giving efforts for years to come.
      several years.                                      This article was written by Edward Jones for use by

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