Charitable giving is top of mind for many as we enter the last month of the year. But sometimes the joy of giving can be overshadowed by impending tax deadlines, urgent appeals, and the holiday rush. If that sounds familiar, a Giving Fund can help.
Here are six signs you need to open a Giving Fund (donor-advised fund) before December 31. If you already have one, consider sharing this list with a friend or family member:
- You wish you had more time to give
With the tax deadline of Dec. 31 quickly approaching, you may feel the pressure to make significant charitable gifts before year end. With a Giving Fund, you can make a contribution to your fund now for tax purposes, and then recommend grants when you’ve had time to research charities and pray about your decisions. Learn about how you can strategize the gifts you contribute before year-end.
- You’re overwhelmed by appeals
With year-end comes a deluge of emails and appeal letters, and you may wish you had more time to choose. With a Giving Fund, you can take your time researching the charities you feel most align with your mission. You can also recommend grants anonymously, and we’ll send the checks for you.
- Your stocks are climbing back up
If any of your investments are up, you may be facing higher capital gains taxes next year. You may be able to offset these gains with a gift of appreciated stock to your Giving Fund before year-end. We liquidate the stock for you and place the proceeds in your fund for recommending grants to charity.
- You want to try “bunching” your charitable contributions
If the total of your potential itemized deductions is just below the level of the standard deduction, you may be able to increase the tax efficiency of your giving by bunching your 2022 and 2023 charitable contributions into one year. This may allow you to enjoy an increased itemized deduction for 2022 and still take the standard deduction next year. Use a Giving Fund to corral these contributions and grant right away or over time.
- You feel convicted to give away something you own
As we journey with God down a generous path, sometimes he makes it very clear that it’s time to give up something we own. As you become more aware of God’s ownership of everything and also more aware of needs this time of year, there may be a tug at your heart to give something specific. A Giving Fund can help you act on that impulse. You may be able to give an asset now and then strategize for how you will give it away as God directs. (Find out the deadlines for giving through the rest of 2022.)
- You’re feeling pressure to shop
With so much emphasis on the material during this time of year, you may be looking for ways to refocus your family on giving, rather than getting. A Giving Fund can help spark a conversation with your spouse, grandchildren, children, or others about the causes they care about. Then, you can go online together to research charities, recommend grants, and start a generous family tradition.