Episode #16
Charitable Giving
Kyle Martin works with a number of clients who are blessed with extra financial resources, and wish to give them away to others in need, including other family members, their church, and charities. There are actually several different ways to give away money, each with certain limits, tax and legal implications. In today's episode Kyle reviews the basic methods for charitable giving and some of the reasons you may choose each method. A few ways to give away your money: Cash -- the simplest way to give is simply sending cash to kids, family, and friends. You can give up to $19,000 per year to individuals without paying tax on the giving, or a married couple may give up to $38,000 per year. You can give up $30 million in your lifetime before paying inheritance tax. Give to Charities or Non-Profit (501c3) -- Gifts given to these organizations are not subject to limits or tax Gift Securities -- securities such as stocks and bonds held in a non-retirement account (i.e. not a 401k or IRA) can be given to other individuals. When you give securities away, you do not pay capital gains on any gains in the stock. You also get to deduct the full market value of the security when you make the gift. This can be a powerful way to give away wealth if you hold stocks or other securities that have appreciated a lot. Donor-Advised Fund (DAF) -- instead of giving cash or securities to a person or organization immediately, you can instead setup a donor-advised fund and transfer your gifts to the fund. You still take the deduction for the full amount of the gift transfered to the DAF, but that gift does not have to be given right away. The gift could be given later in the next year, or dripped out over a period of years. This creates a sort of charitable bank that you can use to direct where and how your giving goes. Connect with Kyle Email: kyle@murphyfingroup.com Web: https://www.murphyfingroup.com LinkedIn: https://www.linkedin.com/in/kyle-martin-cfp®-aams®-05033352 Securities and advisory services offered through Commonwealth Financial Network, Member www.FINRA.org/www.SIPC.com , a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth. The financial advisor(s) associated with this material may only discuss or transact business with residents of states in which they are properly registered. Please check FINRA's BrokerCheck for a list of current registrations. No offers may be made or accepted from any resident outside these states due to various state requirements and registration requirements regarding investment products and services. The information discussed on this program is for educational and informational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. All investments involve risk, including the loss or principal. No strategy can assure a profit, protect against loss in declining markets, or guarantee that any objective or goal will be achieved. Please contact your financial professional for more information specific to your situation. Murphy Financial Group 310 S Hale Street Wheaton, IL 60187 (630) 523-0410 Review our Terms of Use: www.commonwealth.com/termsofus e.html Past performance is no guarantee of future results. Murphy Financial Group does not provide legal or tax advice.
