April 1, 2023
Over the years, I’ve observed that many individuals often overlook the potential of charitable planning in their financial strategies. For instance, if you’re over 70½, there are ways to send money from your IRAs to churches or charities without incurring taxes. Moreover, you don’t need to itemize to benefit from this.
Furthermore, when considering estate planning, think about leaving a legacy to your favorite church or charity. Assets like IRAs, which have never been taxed, are ideal for this purpose. By designating such assets for charitable giving, you ensure that these funds are never taxed, benefiting both the charity and reducing potential tax burdens for your heirs.
It’s essential to work with a Certified Financial Planner Professional™ to navigate the complexities of financial planning, including charitable giving. Such professionals can provide a holistic view of your finances, ensuring that all aspects, from taxes to estate planning, are addressed.
P.S. After tax season, remember that I offer a $90 full tax preparation service for clients with investments in my managed stock and bond portfolios. It’s beneficial to have your CFP™ in sync with your CPA.
Financial literacy is the ability to understand and use various financial skills, including personal financial management, budgeting, and investing. Here are six strategies to enhance your financial literacy:
Until next month, Wayne
A refreshing and creamy salad perfect for spring and summer.