You're busy as 2024 draws to a close! The Tidewater Jewish Foundation (TJF) team is committed to researching, curating, and keeping you up-to-date on the latest trends and developments that could impact your clients’ charitable giving strategies. If you only have 60 seconds, we recommend scanning these three quick updates.
Best practices for donating to hurricane relief efforts
As your clients continue to support hurricane relief efforts, keep in mind that even in disaster response situations, tax rules still come into play. Make sure you’re aware of how the IRS addresses “qualified disaster relief” related to both donors and recipient charitable organizations. Please reach out to the team at TJF anytime to learn more about how your clients can ensure that their hurricane relief dollars are making the most significant difference possible. When disaster strikes our region, we help facilitate charitable giving to legitimate efforts that make a real impact. And when disaster strikes elsewhere, we help support our partners across the country.
Charitable giving can help bridge generations’ definitions of “wealthy”
The recently released Bank of America Private Bank Study of Wealthy Americans is a must-read (or at least a must-skim) report because it offers insights into shifting views on wealth and highlights a disconnect in inheritance expectations. Notably, younger individuals tend to rally around a definition of "wealthy" in terms of having the means to live a life of purpose and make a difference. Older generations are more likely to define "wealth" in financial terms. Important for charitable planning is the finding that older generations may not be planning to leave the inheritance that their children and grandchildren expect. Working with TJF to help clients establish a multi-generational charitable giving plan makes it easier to get expectations out in the open and keep the entire family meaningfully involved in the family’s wealth over the long term.
Must-know tips for clients’ year-end giving
We know you've got a lot on your plate as the end of the year approaches. Even if charitable giving, on the surface, does not appear to be a burning issue in client meetings, it's still crucial that you remember a few essential techniques because your clients do care. Please scan these three important techniques and reach out to TJF on any matter related to charitable giving.
- Educate clients on the Virginia Education Improvement Scholarship Tax Credit (EISTC) Program, where they can receive a 65% credit on the amount given toward supporting Jewish day school students, which can be applied to their 2024 Virginia taxes. It’s an impactful way to support Jewish education while enjoying significant tax savings.
- Encourage clients to consider adding highly appreciated stock, not cash, to their funds at TJF to maximize tax benefits.
- Help clients evaluate a “bundling” or “bunching” technique to make gifts to donor-advised funds at TJF, exceeding the currently high standard deduction to be able to itemize. Then, donor-advised fund assets can be used over the next few years to support clients’ favorite charities.
- Help clients who are 70 ½ and older make Qualified Charitable Distributions (“QCDs”) directly from IRAs to designated or field-of-interest funds (donor-advised funds are ineligible recipients) at TJF–up to $105,000 per spouse. Plus, QCDs satisfy RMDs!
Reach out to the TJF team today. November is the time to set things in motion, so you don't get caught up in the year-end rush. We are here for you.
Contact Naomi Limor Sedek at 757-965-6109 or nsedek@tjfva.org, or Randy Parrish at 757-965-6104 or rparrish@tjfva.org.
The team at the Tidewater Jewish Foundation (TJF) is a resource and sounding board as you serve your philanthropic clients. We understand the charitable side of the equation and are happy to serve as a secondary source as you manage the primary relationship with your clients. This newsletter is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.