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Make your dollars work harder


On August 6th we had a Parish Meeting, during that we learned a bit about how to make out money stretch further in terms of charitable giving. This is the information from Stephens Inc.



(Please note, whilst the information comes from this company we are not meaning to suggest that there are not other Financial Advisors available to you).


1. Church can be set as a Beneficiary on retirement accounts, life insurance, an annuity, or any other assets.

2. Qualified Charitable Distribution- If you are +70.5yrs, you are able to donate up to $100,000/year to charity directly from your IRA instead of taking RMD & paying the income tax.

3. Low Cost-Basis Stock – give taxable stock with large gains to charity. You get credit for the value of the stock gift & the non-profit can sell the stock tax free.

4. Real Estate can also be gifted to a non-profit during your life time, or at passing. The donor avoids the capital gains tax and gets a larger deduction, while the nonprofit can retain the full amount since they are a tax-exempt organization.

5. Maximize Deductions in Years when Itemizing

a. With the large increase in the standard deduction under recent tax law changes, and the scale back of many popular deductions, fewer taxpayers will choose to itemize on their tax return going forward. Some taxpayers may benefit by alternating between claiming the standard deduction some years and itemizing deductions other years. If possible, it would make sense to “lump” as many deductions into those years when itemizing. For example, taxpayers may want to consider making a substantial charitable contribution during a tax year when itemizing instead of making regular, annual gifts.

**Neither Stephens Inc. nor its representatives provide legal or tax advice. Due to the fact that each individual's tax status may vary, please consult your tax advisor before making any decisions.

Give us a call to discuss your specific scenarios.**

Mary Grigg Jack Elster

Financial Consultant Financial Consultant

Private Client Group Private Client Group

Office: 336-251-0407 | Cell 743-444-3830 Office: 336-251-0407 | Cell 743-444-3830

Mary.Grigg@stephens.com Jack.Elster@Stephens.com

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