As we approach the end of 2024 and the traditional “Giving Season,” many individuals and families are reflecting on how they can best support the causes closest to their hearts. If charitable giving aligns with your values, you may want to explore the latest strategies and tools that can help you maximize the impact of your contributions. Here are three ways to give to causes you care about before the year ends:
1. Giving Appreciated Stock
Even in volatile markets, giving appreciated stock from your portfolio remains an effective strategy to share in your gains while avoiding capital gains taxes. Although market fluctuations may deter some donors, it’s important to recognize that many portfolios may still hold unrealized gains. By donating appreciated stock to charity, you not only support the causes you care about but also receive valuable tax benefits.
For those with a Donor Advised Fund (DAF), now may be an excellent time to consider making gifts. Contributions to a DAF provide an immediate tax deduction while allowing you to distribute funds at a pace that aligns with your long-term giving strategy.
2. Qualified Charitable Distributions (QCD) from IRAs
If you are over the age of 70 ½, you may want to explore making charitable contributions directly from your IRA through a Qualified Charitable Distribution (QCD). Under current 2024 regulations, individuals aged 73 or older who are required to take their annual Required Minimum Distribution (RMD) can use a QCD to fulfill that obligation, while reducing taxable income. This method allows you to make a meaningful impact on charitable organizations while simultaneously lowering your tax burden.
3. Expanded Matching Gift Programs & Other Incentives
Many charitable organizations and private donors continue to offer matching gift programs and donation incentives in 2024. Exploring these options can enhance the power of your contribution. For example, Minnesota’s “Give to the Max Day” (Thursday, November 21, 2024) offers opportunities to amplify your donations through matching programs and prize incentives. Local and national campaigns can multiply the impact of your generosity, making it easier than ever to support the causes you care about.
Whether your 2024 giving strategy includes appreciated stock, QCDs, or participating in matching donation programs, your generosity can make a meaningful difference. For assistance in developing a personalized giving strategy or making specific charitable contributions, please reach out to your JNBA Advisory Team.
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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