Three tips for year-end charitable giving
CJP’s Gift Planning Office offers helpful tips for making the most of your year-end charitable giving.
You know you can make a cash gift,
but what are other ways to give?
It’s the end of the calendar year, and you may be thinking about how to maximize the impact of your philanthropy. For more information on these tips and other ways to give, visit CJP’s Ways to Give page.
Tip #1: Contribute to a donor advised fund
Donor advised funds (DAFs) are a great tool for donors of all ages to manage and optimize their giving.
When you transfer assets to a DAF, your contribution is invested for tax-free growth and may qualify you for an immediate tax deduction. You can recommend grants from your fund to support charities and causes you care about.
Tip #2: Give a gift with your retirement assets
If you are 70.5 or older, you can transfer up to $100,000* annually from an IRA to the charity of your choice. This allowance is referred to as a qualified charitable distribution (QCD).
If you are required to take a minimum distribution from your IRA, a QCD will count toward that requirement while reducing your tax burden. But don't forget, funds must be moved from your IRA before December 31 to count for this calendar year.
*Inflation-adjusted annually
Tip #3: Donate gifts of appreciated securities
Did you know that by donating gifts of appreciated securities like stock and mutual funds, you may qualify for a charitable tax deduction while also avoiding tax on capital gains? Remember to give your broker plenty of time to transfer assets so they enter CJP’s account before year-end.
There is still time to give
We hope you’ll consider CJP as a worthy and trusted partner in your efforts. Of course, not every way to give is right for every donor, and CJP does not provide tax, financial, or investment advice. Please consult your own trusted, qualified advisors to discover the giving tools that are right for you.