2023 Considerations: Fall Reading Picks
Why do people give?
A recently-released report identified the primary tenets of generosity according to Americans: how they define it; what it means to them; where their generosity comes from; its importance to society and their expectations. The report also identifies different donor types and how generosity is reported in traditional media and social media channels. Is there a donor type on this report that you identify with?
More big donors
The most recent “Who’s Who” additions to the Giving Pledge, where wealthy donors pledge the majority of their assets to charity, was released in June. Many of the additions to the list are from the tech sector, including the twin sister of a donor who took the pledge in 2022. In a rare reversal, another recent group member was removed from the illustrious list.
Qualified Charitable Distributions
Remember, if you have reached age 70 1/2, you may be eligible to make annual distributions from your IRAs up to $100,000 per spouse directly to a designated, unrestricted or field-of-interest fund at GCF or other qualifying public charity. Called Qualified Charitable Distributions (QCDs), these transfers count toward your Required Minimum Distributions (if you are subject to those rules) and avoid the income tax on those funds. Plus, those assets are no longer part of your estate at death, which avoids estate taxes.
Bunching
Bunch several years’ worth of charitable donations into one tax year with a gift to your DAF and advantageously accrue tax deductions that exceed your standard deduction. Then distribute these dollars to charitable organizations over multiple years. Questions about your charitable giving in 2023? Contact your Philanthropic Advisor to discuss your options and find a plan that works for your specific goals.
