A Trio of Tips to Wrap up 2024

Year-end is closing in, and it’s easy to get overwhelmed by all the advice floating around about what to do before December 31. We’re making it super easy for you! Here are three reminders that typically are among the most important for year-end charitable giving. 

• Give stock. Evaluate your highly-appreciated stock positions and use these assets to give to your fund at the Community Foundation, coordinating with your tax and financial advisors to optimize your 2024 goals. Appreciated assets generally are far better charitable gifts than cash because you not only can take advantage of the income tax deduction, but also you can avoid capital gains tax. 
• Use your donor-advised fund. Consider deploying a “bundling” or “bunching” technique by making a gift to your donor-advised fund at the Community Foundation this calendar year that allows you to leverate itemized deductions (the standard deduction is very high, at least at the moment), and then use your donor-advised fund over the next few years to support your favorite charities.
• Explore a QCD. If you are age 70 ½ or older, you absolutely must consider making a Qualified Charitable Distribution (“QCD”) to a designated or field-of-interest fund at the Community Foundation. Each spouse can give up to $105,000 in 2024, and the distributions will satisfy your RMDs if you’ve also reached that age. Contact the Community Foundation right away to learn why the QCD is so powerful. Note that your donor-advised fund is not an eligible recipient, but there are lots of other ways you can leverage this tax-savvy giving opportunity.    

 
November is the time to set things in motion so you don’t get caught up in the year-end rush. Reach out to the Community Foundation team today! We are here for you! 
 
The team at the Community Foundation is honored to serve as a resource and sounding board as you build your charitable plans and pursue your philanthropic objectives for making a difference in the community. This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. Please consult your tax or legal advisor to learn how this information might apply to your own situation.