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Yours Truly in the "News" and Charitable Giving Strategies Before the End of the Year

Yours Truly in the "News" and Charitable Giving Strategies Before the End of the Year

| December 11, 2020
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Giving financial support to those in difficult situations can make a huge difference during a time of national crisis.  I was recently featured in Purchase College "2020 Impact Report" and although I didn't quite make "the news," my feature was news to me.  My father Don and I were just speaking about opening a Settanni Financial Donor Advised Fund when I went into my office and received the Purchase Impact report.  I thought to myself, "Let's see what's going on at my Alma Mater," and boom, there I was, featured in the magazine because of charitable giving I have done in the past with Purchase College.  You can click here to see the link.  

So, with so much need, where should you start? Numerous online resources can guide your giving. For example, CharityNavigator.org provides an overview on various philanthropic organizations, rates them, and makes it simple to donate to your chosen charity.

How could you follow the "Smart Money" in your giving practice?  Rather than donating cash (or checks or by credit card), you can donate appreciated stock.  If you held stock for more than a year (long term gains), you could potentially (consult with a tax professional first) donate the stock to your favorite charity, and avoid paying the capital gains tax!   If your favorite charity does not have a brokerage account, you could set up a Donor Advised Fund (DAF) and donate the stock to the fund.  If you have complex assets such as shares in a limited partnership or real estate holdings, you could potentially use the services of an independent donor advised fund.  What does that all mean?  Contact me and I can explain the process better to you over a quick call or "virtual coffee."

For regular charitable contributions, contributions must be made by the end of the year to potentially qualify for a 2020 write off.  The time to act is now as most DAFs stop accepting applications before the end of the year!

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