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Strategic Year-End Giving for Charitable and Family Purposes
This chapter explores effective charitable giving and family gifting strategies as part of retirement planning. It highlights different methods of giving, potential tax benefits, and how to optimize family gifts without incurring tax consequences.
Welcome to another episode dedicated to enhancing your retirement journey! Today, we wrap up our series on year-end action items with a focus on charitable and family giving. Discover how strategic charitable contributions can optimize your tax plan and learn about family giving opportunities that can make a difference. We also address your questions and share essential updates, including a correction on HSA contribution limits and an exciting upcoming live case study. Plus, get ready for a December packed with insightful guests like Christine Benz and Michael Easter. Dive in and explore ways to rock your retirement with confidence!
PRACTICAL PLANNING SEGMENT
(00:30) Today we are going to talk about charitable and family giving.
(00:53) I misquoted the HSA contribution limits in episode 565
(02:40) In January we are doing another Retirement Plan Live series.
03:50 In December we will have several great guests on the podcast including Christine Benz, Daniel Crosby, Michael Easter, and Tanya Nichols.
(04:21) Today we're going to talk about charitable and family giving
(05:30) There's no real impact from a tax perspective on charitable giving unless you itemize your tax return.
(07:41)What are ways of giving to a charitable organization?
(12:00) You can batch your charitable contributions into one year in order to have a significant impact on the tax you pay in reduction.
(14:42) Let’s talk about family giving. You can give up to $18,000 a year in family giving.
(16:44) You can pay family educational expenses and medical expenses without limit as long as you are paying directly to the institution.
LISTENER QUESTIONS
(18:00) I had a discussion with a member of the Rock Retirement Club yesterday about moving to a warmer state in retirement and helped analyze the feasibility of their plan in the different states.
(25:14) One question related to the upside portfolio, do I have to build a whole asset allocation?
(28:45) Our next question is an audio question related to rebalancing. “Hi, Roger. I have a question about the process of rebalancing your pie cake… what process should I use to refill layer two of my pie cake to continually fund the next five years of my life?”
SMART SPRINT
(37:55) In the next seven days review your charitable and family giving.
BONUS
(38:15) Roger shares another excerpt from his grandfather's WWII journal.
REFERENCES
Simon Sinek- Originator of Humble Pie Quote
https://simonsinek.com/
Red Cross
https://www.redcross.org/
Schwab Donor-Advised Fund
https://www.schwabcharitable.org/
Fidelity Donor-Advised Fund
https://www.fidelitycharitable.org/
Upcoming Podcast Guests:
Christine Benz
https://www.morningstar.com/people/christine-benz
Michael Easter
https://eastermichael.com/
Daniel Crosby
https://orion.com/thought-leader/daniel-crosby
Tanya Nichols
https://www.align.financial/tanya-nichols/
Retirement Podcast Network
https://retirementpodcastnetwork.com/
Six Shot Saturday
https://rogerwhitney.com/six-shot-saturday
Show notes created by https://headliner.app
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