How Does Woodley Farra Manion Help Me Accomplish My Goals?
If charitable giving is part of your family’s ongoing legacy, we can help develop a plan for long-term giving and facilitate those donations in the most tax efficient way through donor advised funds—separate accounts that allow for the tax benefit to be realized immediately, even if a donation might be planned for the future.
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Benefits of Charitable Giving
Overall, charitable giving offers a range of benefits, from making a difference in the world to personal fulfillment, tax advantages, relationship-building, and personal growth. It allows individuals to align their resources with their values and contribute to the betterment of society.
Does Charitable Giving Affect My Financial Planning?
Charitable giving can impact your financial planning in several ways. It can provide tax deductions, thus reducing your taxable income and lowering your tax liability. Incorporating charitable contributions into your budget and cash flow planning ensures they align with your financial goals.
Additionally, charitable giving can be integrated into asset and estate planning, offering tax benefits and allowing you to leave a philanthropic legacy. Consulting with financial advisors or tax professionals can help optimize your giving strategy within your overall financial plan. They can provide guidance on tax implications, budgeting, and strategies to maximize the impact of your charitable contributions while maintaining financial stability.
How Does Woodley Farra Manion Facilitate My Charitable Donations?
Once clients transfer the identified stock (usually one with a low-cost basis) to their donor advised fund, the position is immediately sold and the cash proceeds remain in the donor advised fund until the client is ready to make their gift.
Can Woodley Farra Manion Help Me Donate to Any Kind of Non-Profit?
Our firm can facilitate donations to the client’s selected organization at any time without an additional fee.