Event Recap: Are you Paying More to Uncle Sam Than you Should?

Blog

Event Recap: Are you Paying More to Uncle Sam Than you Should?

Mark Weil, CFP®, recently participated in a panel discussion hosted by the North Suburban YMCA that also featured a local estate planning attorney and accountant. The panel participants, each with over a decade of experience, focused on charitable and giving strategies and how they changed with the tax code passed in December 2017.

“When you write a check to a charity, after-tax dollars are used. If you make a $1,000 contribution and are in a 30 percent tax rate, you started with around $1,400 to make that donation,” Weil shared. “That means that Uncle Sam is taking a piece of your philanthropy. Does it need to be this way?” Weil asked the audience. “The answer is no!”

Weil shared possible alternatives with the attendees, including gifting appreciated assets, Donor-Advised Funds, and Qualified Charitable Distributions (QCD). Weil continued, “By gifting to a Donor Advised Fund you allow for greater impact for your gift. Not only do you have more to give because you have not had to pay taxes, the money inside the fund can be invested and grow tax-free.” For those who are 70 ½ or older, a QCD may be another powerful strategy. “QCDs not only can reduce your taxes, they can also satisfy your required minimum distribution.”

At Strategic Wealth Partners, we are happy to help you find the right planning strategies to maximize your charitable contributions. Contact us if you have any questions or would like to explore your options.

Disclosure:

This article contains general information that is not suitable for everyone. The information contained herein should not be constructed as personalized investment advice. Reading or utilizing this information does not create an advisory relationship. An advisory relationship can be established only after the following two events have been completed (1) our thorough review with you of all the relevant facts pertaining to a potential engagement; and (2) the execution of a Client Advisory Agreement. There is no guarantee that the views and opinions expressed in this article will come to pass.

Strategic Wealth Partners (‘SWP’) is an SEC registered investment advisor with its principal place of business in the State of Illinois. The brochure is limited to the dissemination of general information pertaining to its investment advisory services, views on the market, and investment philosophy. Any subsequent, direct communication by SWP with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of SWP, please contact SWP or refer to the Investment Advisor Public Disclosure website (http://www.adviserinfo.sec.gov).

For additional information about SWP, including fees and services, send for our disclosure brochure as set forth on Form ADV from SWP using the contact information herein. Please read the disclosure brochure carefully before you invest or send money (http://www.stratwealth.com/disclosure-statement).

Share this post:

Blog Archives