Charitable giving and financial planning in 2024

by | Jan 18, 2024 | Other News

Scott R. Saal
The New Year is always a time to reflect, as well as to start planning for the year ahead. As we consider financial plans in 2024, we encourage clients to consider the charitable impact they hope to make.

Of course, many of us know the cornerstones of a successful investment strategy underlying an enduring financial plan, including tailoring an investor’s portfolio to their risk tolerance and to meet both short-term and long-term goals.

Still, integrating philanthropy into a financial strategy can be both fulfilling and advantageous. While charity always comes from the heart, when thoughtfully planned, charitable contributions can offer various tax and other benefits. Our practice works closely with Tidewater Jewish Foundation to help clients implement charitable goals inside and outside of the Jewish community. In this regard, Naomi Limor Sedek and the TJF team are a wonderful resource and valued partners for clients seeking to make an impact in the community.

Clients have worked with TJF to implement various giving strategies, including:

  • Gifting appreciated securities
  • Setting up Donor Advised Funds
  • Funding charitable trusts
  • Making charitable IRA distributions
  • IRA beneficiary planning

There are many charitable options to consider regardless of the size of an investor’s portfolio. Strategies as simple as donating a portion of an annual Required Minimum Distribution from a retirement account can save taxes and benefit a cause the donor cares about through a legacy gift.

Anyone with charitable goals should talk with their financial adviser and start planning. I also encourage connecting with TJF to start a conversation, as TJF can become an invaluable member of a financial team.

Scott R. Saal, CFP® is a Certified Financial Planner and managing partner at Virginia Wealth Management Group, Inc. Virginia Wealth Management Group is not an accounting firm and does not provide tax advice. Always seek the counsel of a qualified accountant when necessary.