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Charitable Giving

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You may feel like spiking the financial football when you reach retirement. After years of hard work, you have made it! For those who planned wisely, retirement should be a happy period full of exciting hobbies, visits with the grandchildren, and time to simply slow down and enjoy life.

While reaching retirement feels great, you cannot quit planning. You need to keep finding ways to enhance your finances. One way to do so is through charitable giving, an act that has many positive effects. Increasing your contributions can improve the lives of others, make you healthier and happier, and give you significant tax breaks.

Financial Benefits

When you create a comprehensive charitable gift-giving plan, you can benefit from multiple tax-breaks, an income tax deduction, the reduction or elimination of estate taxes, and the avoidance of capital gains. Recent changes to the tax code make formalizing your gift-giving plan more important than ever. You need the advice of an expert financial planner to maximize the effect of your contributions.

Itemized Deductions

As it is now, donating to most charitable organizations entitles you to take an itemized deduction on your taxes. For those who itemize, this deduction can significantly lower their tax obligations. The limit on these deductions is high, so you can be generous to those causes that are near to your heart while reducing your tax bill.

Estate Taxes

Although giving away your money may seem like an odd way to keep more of it, charitable gifts can offset taxable gains and help mitigate the tax burden for the beneficiaries of your estate. You can also plan a sizeable gift upon your death to further reduce your estate and the resulting taxes.

A lifetime charitable transfer or gift can also give you these benefits while allowing you the right to use the income until you die. In that way, you will be protected from unexpected financial demands or other circumstances while still benefiting a worthy cause.

Our qualified professionals can help you construct a charitable plan that meets your philanthropic desires and your financial goals. Intelligent use of the tax law benefits everyone concerned, so you want to take full advantage of your options.

Additional Benefits

Giving to others is not only beneficial to them and your financial bottom line. Donating money can also improve your physical and mental health in retirement. Studies have shown that giving helps to lower blood pressure, lessen depression, reduce stress, increase self-esteem and generally make you happier. You have always known that giving made you feel good, but these feelings transfer into improved health as well.

Of course, the primary reason to give is always to benefit those who struggle with disease, poverty or other challenges. Your generous financial gifts do much good for others and help to strengthen society. Your heirs will benefit from your charitable legacy as well as from their financial inheritance.

When you approach or reach retirement, you should enjoy your new-found freedom. Remember, though, that you are not free from the need to financially plan. We can help you reduce your tax bill through the careful structuring of charitable contributions.

Giving wisely helps those who desperately need assistance, and it also improves your finances and protects your heirs. As a bonus, your health and mindset may also improve along with your bottom line. See us now to begin planning your charitable giving.


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Your investment advisor is not permitted to offer, and no statement contained herein shall constitute tax or legal advice. You should consult a legal or tax professional on any such matters.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of ROSS WEALTH ADVISORS and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness.
All information and ideas should be discussed in detail with your individual adviser prior to implementation. Fee-based financial planning and investment advisory services are offered by TOUNJIAN ADVISORY GROUP, LLC, a Registered Investment Advisor in the State of Florida. Insurance products and services are offered through ROSS WEALTH ADVISORS, and TOUNJIAN ADVISORY GROUP, LLC are unaffiliated companies. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any State other than the State of Ohio or where otherwise legally permitted.

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