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give to the max 2022
November 11, 2022

It’s time to reassess your end-of-year giving strategy

Financial Planning Committee

As we approach the end of 2022 and the traditional “Giving Season,” many individuals and families are thinking about how to maintain their support of the organizations and causes they care about despite a challenging year in the economy and the markets. The effects of inflation combined with the end of many government support programs has impacted everyone, and charities need assistance as much as ever to help serve the neediest in our communities. When markets are down it can feel hard to give assets away, especially for those living on a fixed income. However, if charitable giving aligns with your values and remains a top priority for you or your family, there are still some good strategies for giving during a down market.

As we approach the end of 2022, many people are thinking about how to maintain their support of the organizations and causes they care about despite a challenging economy. In this 5-minute video, JNBA Advisor – Advisory Services Manager Elise Huston and Advisor Nick Scheibel discuss ideas to keep in mind as you look at your end-of-year giving strategy.

When markets perform well, some donors choose to give appreciated stock from their portfolio to share in their gains and limit capital gains taxes. Giving stock may seem less attractive in a down market, but, given that this bear market comes at the end of a long bull run in stocks, there may still be significant unrealized gains in your portfolio, and a gift of appreciated stock can be an effective way to contribute to charities you support. If you have previously funded a donor advised fund using appreciated stock, 2022 could be a good year to distribute some of that fund to charity. Once markets recover you can replenish your donor advised fund in a future tax year to take advantage of higher market values and itemized deductions.

If you are over age 70 ½, you should consider making charitable contributions directly from your IRAs through a Qualified Charitable Distribution (QCD). If you are over age 72, a QCD may be especially attractive, since your 2022 required minimum distribution (RMD)—based on 2021 year-end values—could be higher than normal. A QCD counts towards your RMD and does not count as taxable income to you, resulting in a gift to charity with a tax benefit.

Finally, when considering your giving in 2022, it may be worthwhile to explore ways to further optimize your gift (matching donations, Minnesota’s Give to the Max Day, etc.). Many donors tend to give the same amount to charity each year. Charitable organizations have also been impacted by inflation this year, so if charitable giving is part of your financial life plan and you are financially able, you could consider increasing your donations for 2022 to support organizations and causes that are in alignment with your values and goals.

Please note JNBA is not an accountant and no portion of the above should be construed as accounting advice. All accounting issues should be addressed with an accounting professional of your choosing.

Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC.

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