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November 3, 2023

Year-End Charitable Giving Considerations

Financial Planning Committee

As we approach the end of 2023 and the traditional “Giving Season,” many individuals and families are thinking about how to support the organizations and causes closest to their hearts. If charitable giving aligns with your values and remains a top priority for you or your family, we encourage you to explore various tools and strategies to maximize your dollars.

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 volatile market, but 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 a donor advised fund (DAF), you could also make gifts from this fund before the end of the year. As a reminder, you receive a tax benefit at the time you contribute to the DAF but you can distribute funds at a pace that is in alignment with your annual giving plan.

If you are over age 70 ½, you also can consider making charitable contributions directly from your IRAs through a Qualified Charitable Distribution (QCD). If you are over age 72, or currently taking your annual Required Minimum Distribution (RMD), a QCD counts towards your RMD but does not count as taxable income to you, resulting in a gift to charity with a tax benefit.

Finally, when considering your giving in 2023, it may be worthwhile to explore ways to further optimize your gift through matching donation programs, like participating in Minnesota’s Give to the Max Day (November 16th), private charitable events, or other programs that organizations may offer. No matter where or how much you give, your generosity can make a positive impact for organizations. If you would like help making a gift or determining a gifting strategy, please reach out to your JNBA Advisory Team.

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, some of 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.

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