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‘Tis the Season of Giving

A great American tradition is to give back whether one donates time or money. After kicking off the holiday gift season with Black Friday and Cyber Monday, many individuals and families celebrate the chance to give back on Giving Tuesday. This is a great opportunity to engage with clients, since December 31st is their last chance to give to a charity in order to qualify for 2019 tax benefits. 

While the tax break may not be their motivation for philanthropy, helping clients utilize and employ tax-smart strategies can maximize the benefits of giving and stretch the value of the gift both for the charity and for their own personal finances. With the new tax laws and higher standard deductions, it is crucial to help clients be strategic and plan to be as effective as possible with donations. 

Some areas where you can help your clients:

• Deciding how to give. Different types of donations, such as cash, highly appreciated assets, and real assets, offer certain advantages and drawbacks and depend on their own personal situation and holdings. 

• Ensuring that they are giving to a true charity, as not all non-profits qualify for charitable status under section 501(c)(3). 

• Reminding them to maintain receipts from the charity/organization.

• Itemizing tax deductions in order to realize the full tax benefit of donations. 

By helping your clients give smart this holiday season, you can help them achieve their philanthropic goals and reinforce the value that you add to relationships, a win-win situation for your clients and you.