Estate planning lawyers offer a primer on charitable donations, including tax considerations, donating stocks vs. cash, “bunching” donations, donor-advised funds (DAF), and more. #charitablegiving #actec #estateplanning #wealthplanning #daf

The American College of Trust and Estate Counsel (ACTEC) is a national association of approximately 2,400 peer-elected lawyers and law professors from across the United States and abroad with expertise in estate planning, probate, and trust administration.

In this video:
00:00 Introduction
00:24 Tax-Deductible Contributions
02:19 Donating Stock vs. Cash Gift
03:42 Donation Bunching Charitable Contributions
05:30 Explanation of a Donor-advised Fund (DAF)
06:51 Charitable Donations From an IRA
07:48 End-of-Year Donation for Tax Purposes

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Charitable Giving Tips and Tricks

As the holiday season approaches, many individuals and families start to think about charitable giving. Whether it’s giving money to a favorite charity, donating goods to a food bank, or volunteering time at a local organization, charitable giving is a wonderful way to give back and make a positive impact in the community.

To help make the most of your charitable giving, the American College of Trust and Estate Counsel (ACTEC) has compiled a list of tips and tricks to consider when donating to a charitable cause.

1. Do Your Research: Before making a donation, take the time to research the charity or organization you are considering supporting. Make sure they are a legitimate and reputable organization, and that the majority of their funds go towards their cause rather than administrative expenses.

2. Consider Tax Benefits: Charitable giving can come with tax benefits. Be sure to keep track of all your charitable donations throughout the year and consult with a tax professional to understand how these donations may impact your tax situation.

3. Explore Different Types of Giving: There are many different ways to give to charity, including donating money, goods, or your time. Explore the different options and find the one that best fits your situation and interests.

4. Create a Giving Plan: Consider creating a giving plan to map out your charitable donations for the year. This can help you budget for giving and ensure that you are supporting the causes that are most important to you.

5. Involve Your Family: Get your family involved in charitable giving by discussing the causes and organizations that are important to each family member. This can be a great way to teach children about the importance of giving back.

6. Leverage Matching Gifts: Many companies offer matching gift programs, where they will match charitable donations made by employees. Check to see if your employer offers this benefit and take advantage of it to maximize the impact of your donations.

7. Consider a Donor-Advised Fund: Donor-advised funds are a great way to set aside funds for charitable giving and take advantage of tax benefits. They also allow you to make recommendations for how the funds are distributed to charities.

8. Be Mindful of Scams: Unfortunately, there are individuals and organizations that seek to take advantage of people’s generosity. Be mindful of potential scams, especially during the holiday season, and only donate to reputable organizations.

9. Volunteer Your Time: Charitable giving doesn’t always have to involve money. Volunteering your time can be just as impactful, and many organizations are in need of volunteers to help with their cause.

10. Plan for the Future: Consider including charitable giving in your estate plan, whether it’s through a charitable trust, a bequest in your will, or another planned giving vehicle.

By following these tips and tricks, you can make the most of your charitable giving and ensure that your donations have a positive impact on the causes and organizations you care about. Giving back to the community is a rewarding experience, and with careful planning and consideration, you can make a meaningful difference in the lives of others.