Charitable Donations

It is that time of year when all of us are inundated with requests for support from very many worthwhile organizations.  Clearly LFS has no expertise in helping you select which charities to support.  We can, however, help you in executing the transaction. For our senior clients, those over 70, transferring funds from your IRA is a very tax efficient means of making a donation.  A charitable donation made from your IRA is considered part of your required distribution, but is not taxable.  

For younger clients, donating appreciated shares of stock or mutual funds can be beneficial both to the charity and to your cash flow.  This approach is especially useful if you own shares with a very low tax base since you receive the current value of the shares as a tax deduction regardless of what you paid for them.

If you would like some help in carrying out your charitable plan in a tax efficient manner, just contact Marci or me and we will assist you to make it happen.