Episode #36 - Five Charitable Giving Strategies
35:56
Nik Miner & Todd Pisarczyk
Don’t miss an episode. Subscribe today.
TRANSCRIPT
Welcome everybody to the Momentous Wealth Podcast, where we discuss current issues in the world of finance and break them down into understandable terms to further your education. Momentous Wealth Management is a financial planning and investment management firm based in Washington. We've been serving clients for more than 20 years, and on this show, we take that experience and put it to the microphone in an effort to educate investors in the complex world of finance and financial markets. Welcome to the show, everyone. This week's theme is all about giving. We're really excited. We're gonna talk today about five different charitable giving strategies. This is one of my favorite things to talk about because I feel like as financial advisors, and I don't know if you agree with me, Nik, but I feel like we get like a bad rap because we're always like telling people to save money and just, you know, people, people think that's all we do, but we actually spend a lot of our time trying to help clients spend money the right way. Yeah. Live fulfilling lives. And it's especially exciting when we get to help clients give and, and really make sure that they maximize their gifts to whatever charity they want to support. And it's, and it's just a really fun thing for us to do.
So as we get into the end of the year here, we thought it would be a good time to, to review these and just talk through these different strategies. Yeah. Yeah. And I think that's a good reminder is that like, our goal isn't to just make money forever, but to help you utilize your money to whatever your goals are. And if that's being generous or just making sure you don't run out of money. Like we, we love all of that stuff. So when someone comes and says like, I wanna be really generous with our money, it's like, great, let's help you with that. Yeah. Yeah. It's, it's, it's exciting. And so, you know, as we get into the end of the year, we work a lot with our clients on, on tax issues, helping 'em make any moves they need to make before year end. And so oftentimes when we talk about charitable giving, it does get wrapped in with taxes because you can potentially get a tax benefit for giving to charity. So, you know, most people we work with, they're not giving money to charity just for the tax benefit, but there are potential tax benefits available. And so if you can get those, I mean, you may as well, right? Yeah.
Because it's either some tax savings to you or, you know, for some people it means, Hey, if I'm saving X in tax, it means that I'll go ahead and give a little bit more to that charity. So by, by maximizing the tax benefits for our clients, we are allowed to again, save them a little money or, or potentially help the charity out by, by more money going in their pocket. So, yeah. And some people think too, like if I get a tax break for donating, nonprofits will probably use the money better than the government. So I'll just do that instead. That's getting into politics, Nik. So, you know, we'll, sorry, local officials. Anyways, so yeah, let, let's jump right in. There's five strategies we're gonna talk about today before we jump in. I think it's really important because we're gonna, there's a common thing that we're gonna talk about with all these different strategies and it's, it's something known as the standard deduction. So earlier on when we were talking about donations to charity might be tax deductible. That is primarily because of something called the standard deduction. Okay? So the way the standard deduction works is that, let's just say hypothetically you make a hundred thousand dollars a year. Okay? If you're married filing jointly, you get a deduction. So everybody's heard about tax deductions. Yep. Well, everybody gets what's called a standard deduction if you're married filing jointly of $27,700. Right?
So that means you make a hundred thousand dollars, you automatically get to deduct $27,700, or if you're a married couple filing jointly. So in order for you to receive a real tax benefit from charitable giving, you have to be eligible for what's called itemizing your deductions. And so there's a lot of things that we know of that are tax deductible. Charitable giving is potentially one of them. Things like your mortgage interest interest, yeah. There's all sorts of things that are tax deductible, but those deductions all have to add up to be more than the standard deduction for them to actually be, you know, potentially beneficial to you. Yeah. Right. Because you could itemize if you wanted, but it would just, you'd be missing out on dollars. Exactly. So it's important that you understand the standard deduction because we're just, we're gonna talk a lot about that with all these strategies. And just for note, if you are filing single, the standard deduction is 13,850 per year. Those are all for the tax year, 2023. The other thing to note is it's very important that with all these strategies, as always, you consult your tax advisor, your financial advisor, whoever you look to for tax advice, to, to make sure that these apply appropriately in your situation. And the other thing to note is that the information that we're gonna discuss from you today is actually from a really great resource, Schwab charitable.
So Schwab Charitable, we work pretty closely with Charles Schwab. We have a great relationship with them, and their website has a really great resource for a lot of this tax information. And so just, just as a note, we always like to cite our sources when we get into talking about numbers and things like that, that that's our primary source for, for the information we're gonna share in this podcast today. Yeah. And we have access to it as advisors and we like the content they put out, but it's open to the public. So if, if you're listening to this, you know, like I'm not retaining everything that they're saying, but I like the ideas. They've got really great engageable content for everybody. Like you don't have to be a financial wizard to get it. So go check out that website that's, there's your plug Schwab Great, great plug for Schwab. Yeah, there you go. Okay. So the first strategy we're gonna discuss today is, is you know, very simple cash gifts, right? So you have a charity you wanna support, you give 'em a cash gift. And again, this, this strategy is not real complex, but it's important because it kind of sets a baseline for the rest of the strategy. So bottom line is this, if you decide you wanna give money to charity, you write 'em a check. That's called a cash gift.
One thing to note is, again, the only way that you would receive a tax benefit for doing that is if you are, you're I able to itemize. And those gifts are bringing you to a level that's over that standard deduction, right? Yeah. The other thing to note there is that cash gifts are limited to 60% of your adjusted gross income. You'd be very, I mean, very generous for yeah. To give 60% of your adjusted gross income. But they are limited to that. And if you make contributions in excess of those limits, you actually can carry those over for up to five tax years. Okay? So, you know, one way to give money to charity, just write 'em a check, give them cash, whatever. If it's, if you itemize, then you're, you are able to take a tax deduction for that. Okay. So there you go. Strategy number one, again, not, not real groundbreaking. No one's going to be like, Hey, you should listen to this great podcast where they talked about cash gifts to charity. But again, we just wanted to, to throw that out there to, to kind of set a baseline. Yeah. And cash being like anything that's not an investment is just like, it could come from a debit card or a credit card or a written check or in the form of literal cash, but it just means it's like coming from a bank account. Yeah, exactly.
So strategy number two has to do with cash gifts. And it's a strategy called either gift stacking or bunching. Okay. I don't know who named those. I've heard them referred both ways. Both are very interesting words. But here is the, the reason that you would do that. Okay, let's say hypothetically that you're, you're taking the standard deduction. So you're somebody that gives $20,000 a year to charity and you know, let's say you don't have any other deductions. Okay? Well if you give that $20,000 to charity, you're not getting any kind of tax benefit for it because you're just taking the standard deduction of 27,700. Okay? So one strategy is actually to bunch your gifts or stack your gifts into one year. So for example, you could say instead of giving $20,000 a year to charity, I'm gonna give $40,000 this year and zero next year. Hmm. That would allow you to take a deduction because in the year that you give 40,000, then you're going to be able to take a $40,000 tax deduction and then the next year you would give nothing, but you would then receive the standard deduction of 27,700. Yeah. So let's do some quick math on that just so that as a listener, it, you kind of get what we're talking about. If think about, again, think about this. We're talking about two different timeframes. Year one, you're gonna get a standard deduction of, how much was it, Todd?
27,700 if you're married, filing jointly. Great. 27,000. And if we double that, 'cause we're looking at two different years, you're looking at about $54,000 of tax deduction, right? If you do this stacking, and let's use Todd's numbers and say you did 40,000 in the first year and then you got the second year the standard deduction, or he didn't give anything, your total's now 67,000, right? 700. 700. Exactly. Thank you, Todd. So that's the idea of we're gonna front load the giving 'cause in both, if you did 20,000 each one of those years, those are both under the annual standard giving. So we're saying we're gonna front load all in one, break it that limit Yeah. Itemize. And then the next year we'll be just back to the standard deduction. Exactly. And we're gonna talk at the end. Strategy number five actually has to do with a vehicle that you can potentially do this in like a car. Yeah. Kind of. Oh, oh yeah, that's true. That's true. Yeah. Yeah. So there you go. So you could, one thing you could do, for example, and and charitable gifts have to be made in the calendar year. So you could say, Hey, I'm gonna give, you know, 40 instead of giving, you know, like $40,000 or $20,000 this year, 20,000 next.
You just, you know, you wait till the end of the year, maybe put all 40,000 in and, and, you know, communicate with the charity often can be helpful too until let 'em know, you know, like, Hey, we're doing this for tax reasons. And, you know, so communicating oftentimes can be key, especially given to a church or something like that. And, you know, a lot of these charities, they, they count on the gifts. I mean, they, they, they do the math and they kind of have formulas for how much they, they know they're gonna get on an annual basis. So if, if you are doing that strategy and you're giving a lot of money to one strategy in particular, you might consider communicating with that charity what you're doing as well. So Yeah. Put 'em in a deficit the following year. Exactly. They're gonna be, Hey, where's our 40,000 this year? Yeah, you need 40 last year. Right. Okay. So the, the third strategy is something called A QCD or qualified Charitable Distribution. Okay. So the way that works is a, a lot of you have heard of something called a required minimum distribution, RMD rmd. So we're gonna talk qc, ds and R MDs. So if you're, if you are over the age of, is it 74 now Nik, for that you Yeah, they keep changing 'em, right? So now, yeah, they just deal with the secure act.
It, it used to be 70 and a half. Nik just did this wonderful episode on the Secure Act. But now if you're over 74 years old, I 74 as of 2030, okay. Three. And right now it's 73. Okay. I could be wrong though. So if you're over that age, yeah. You have to take, you have to take money from your IRA. Okay. So the IRS requires that you take a certain amount every year. And the reason is 'cause you put your money in that IRA whenever, and that's money that you've never paid tax on. So the IRS is like, hey, at a certain point we need you to start taking some money outta that IRA so we can get our tax revenue on it. We don't want it to just sit there forever. Well, regardless of if you're taking RMDs or not, based on the age you are, if you're over the age of 70 and a half. And I always love it. I always love it when we have the half years. Yeah. You know, and the way to think about this is it's, you don't actually have to wait until you're 70.5 to make the gift. Okay. It's the year in which you're turning 70 and a half. Okay. Yeah.
And I love it because I always get this like this feeling that like Congress is arguing and like, you know, one side of congress is like, Hey, we think the age should be 70 and the other side's like, no, it should be 71. And so they go into a backroom and they, you know, they negotiate it or we're gonna make it 70.5. Yeah. Since we Right. Meet you in the middle. Yeah. Deal. Don't wanna cite a source on that. 'cause I don't know that's how it actually happens. But that again, that's the feeling I get. Yeah. However, so if you're over the age of 70 and a half, you're actually allowed to do A QCD even if you're not subject to RMDs yet. Okay. So the way it works is you can take a hundred thousand dollars up to a hundred thousand dollars from your IRA and you can give it directly to the charity. Okay. So that satisfies your required minimum distribution as well. So I think a lot of people get these confused because it used to be that the ages lined up with RMD ages 'cause the RMD age used to be 70 and a half. However, the rules have changed on this slightly. So the way to think about A QCD or qualified charitable distribution is just simply this.
Okay, if you're over the age of 70 and a half, you're allowed to take up to a hundred thousand dollars from your IRA donate it directly to charity. And if you are subject to RMDs, then that amount satisfies or goes towards satisfying your RMD. Yeah. Okay. Okay. What's the advantage to doing that? That was gonna be my question. Yeah, because like the other thing is you'd say, well why wouldn't I just take the a hundred thousand and then don't, don't donate the a hundred thousand to charity. It's really important to know that in order to do this strategy, the money has to go directly from your IRA to the charity. Okay. So why would you do it that way instead of just taking the 50,000 realizing, or let's say you're doing 50,000, so why wouldn't I just take 50,000, realize the income on 50,000 and then turn around and give the 50,000 to the charity and then therefore get the tax write off and it's like it never happened. Right? Well, it all goes back to some of those rules we talked about before under cash gifts. Okay. So for one, you can donate up to a hundred thousand, but let's say you don't wanna give a hundred thousand, let's say you only wanna give 10. Okay. This, this amount, you don't have to worry about the standard deduction.
So that's kind of the main benefit is if you give that 10,000, you just give it straight to charity instead of having to realize it as income and then turn around and take the deduction. It's just basically like it never happened. Hmm. Okay. And that's important because, you know, for one, realizing that income might, depending upon what tax bracket you're in, it might make you ineligible for certain tax credits or put you into certain tax brackets. Cash gifts, as we talked about before, you are limited up to 60% of your adjusted gross income. And it only works if you're over the standard deduction. And so by doing it this way, you really just don't have to worry about any of that. Yeah. You just give the money directly to the charity and you don't have to realize the income and just take the write off. It's basically just as if it never happened. And so it's a way that you can get money out of your IRA without having to pay any taxes on it and it just goes straight to the charity. So, so that's a QCD. Yeah, I like that.
'cause I've always, I've known about the QCD and that you can, you know, it makes it so you don't have to do the RMD, but I was like, why don't just do the tax and then do it, but the fact that it kind of skirts around those other variables that you have to count or think about is that's like really convenient too. Yeah. Yeah. As advisors, where we see this used oftentimes is we actually have a lot of clients that, you know, they, they're subject to r and ds, but frankly they don't need the money. So we get to November, December, we call the client, we say, Hey, by the way, you haven't satisfied your RMD at this year. And, and they don't really at that point, they're like, okay, great. I mean, I guess just send me a check. Like they don't really need the money for anything. They're not counting on it for income. And so that's another way where it's like, well, hey, I have this money that I don't really need. How about I just, instead of taking it, putting it in my checking account, maybe I find some charity I wanna support or some charity that I already support and, and just give it directly to them. And then the benefit to that is you don't have to pay the taxes on it Yeah. By doing it that way.
And it, it has a double effect and all, maybe you're gonna talk about this, but it also reduces your taxable estate. Are you gonna come back to that or can I give a little No, go for it. So each state has a limit of saying like, okay, after, after you pass and you're, you have an estate after that reaches a certain point, every dollar beyond that is gonna be taxed at some percentage. So one strategy that we'll look at is we'll forecast and say, okay, what's your projected estate value gonna be at? How much do we think it's gonna be over that tax? And then we can say, well if you're giving this money away now through QCD, it could reduce your total estate, meaning reducing that end of life tax bill that your inheritance are gonna have. So it like gives you that tax benefit now, but it'll also benefit your next generation that you want to pass this money onto. That's a great point, Nik. And, and kind of on that same note, so the first time they passed the law bumping the RMD from age 70 and a half to 72, a lot of people got excited about that. Like, hey, great. I don't have to take it till 72 now. Right? Yeah.
Well the other thing that was in that same law that a lot of people don't realize happened is it used to be that you could give your IRA to, so if, if you're, if you're passing your IRA to your spouse, this, this doesn't count you, you can still pass your entire IRA to your spouse. But it used to be that you could do what's called a beneficiary IRA or decedent IRA, they called it. And the way that worked was you could, you could have your, one of your children, for example, inherit your IRA and they did not have to cash the money out and pay taxes on it. They could basically just continue to take RMDs based upon what your age would've been had you have still been living. But that actually went away. And so the way it works now is if you inherit an IRA, you have a maximum of 10 years to fully liquidate that IRA. So another great kind of add-on to Nik's point is even if you're not subject in your estate's not taxable. If you inherit IRA money that is taxable. And so oftentimes with clients, one of the things that we do a lot of is we look at their estate and if we have clients where we just realize, hey, you're, you're not gonna spend all your money here. Right? Like as hard as you try, you're not spending all this.
So we really need to start making decisions around what's best for your heirs and or charities or whoever you're leaving the money to. In Nik's case, it's obviously going all to his cat. I mean, Logan Mabel Yeah. Nik. Nik has a cat that he very much, very much loves. Yeah. I know he has a family or wife as well. But you know, we, we in the office, we hear more about Mabel Yeah. Than his wife sometimes. That's right. My wife wife doesn't listen to this podcast, so it's fine. But you know, like whoever you're gonna leave the money to, that is another important consideration is that oftentimes leaving IRA money can, can sometimes be the, the least tax efficient money to, to donate to your, to well to pass on to your family. And so again, another great tool for potentially reducing the amount of money in your IRA and again, supporting charity at the same time. Yeah. So, and and even if I'll take it one step further, like if we're doing like some real fun generational planning, let's say you do your inheritant gets your IRA and then they have to pay it in 10 years, that's like a ticking time bomb for them that it could just totally ruin their taxable plan where they've like, oh, I coming up on this 10 year and I have to actualize hundreds potentially of thousands of dollars of income in one year.
And it's like you, if you're charitable using these qds, you could Yeah. Really reduce that. Yeah. That time bomb. Yeah. So qds are great. They're a great tool to look at. Again, make sure you're consulting your tax advisor before you're, before you're undertaking any of these strategies. Yeah. And we actually like to do this stuff too. Yeah. It's phenomenal. I love it. I, like I said, I, I love, I mean, honestly, this is, I I really enjoy working with clients on this stuff. Yeah. I mean it's just, it's just fun. 'cause to be able to really kind of get to know the client and what they're, what they're all about and who they wanna support and really, you know, helping them do that is, is, is really rewarding. So I, I think this is one of the more rewarding things we do. Okay. So, so two more strategies we're gonna talk about today. Stock gifts. Okay? So another way that you can give money to charity is instead of giving 'em cash or giving 'em money from your IRA, you can donate stock to them. Now I will say that one of the things you wanna make sure of is that you're the charity you're looking to support accept stock gifts. So yeah, they are eligible to, but a lot of charities we've worked with actually have not set up the right types of accounts to receive these.
So you want to check and make sure that the charity you're looking to support accepts stock gifts. But the reason that you would consider giving stock to a charity instead of just giving them cash is because again, there is potentially some benefit if you're holding onto a stock. And it, and I think it's interesting 'cause people always say stock gifts, but in reality it could be a stock, a bond, a mutual fund, anything that has unrealized capital gains. Yeah. Okay. So here's the example of why you'd potentially want to donate stock instead of cash if you're holding onto some stock that again has some unrealized gains. Okay? So again, just gonna throw an example here. Let's just assume that you're someone that's in a high tax bracket. So you're in the 32% federal tax bracket. And again, let's say that you're somebody who you are able to itemize your deductions, okay? So example one, you give a $50,000 cash gift to your charity. So if you do that, you're, you're basically gonna take 50,000, you're gonna give it to the charity, you're gonna get a tax deduction. Again, if you're in the 32% tax bracket, you're gonna save $16,000 in taxes for making a $50,000 gift. Okay? Example number two, let's say hypothetically, instead of giving the charity cash, you have $50,000 of appreciated stock. And in this example, I'm just gonna say, you know, let's say that you're working with Nik as your financial advisor.
So clearly you have this, you know, this massive gain in the stock, okay? Yeah. So let's say you purchased the stock, not guaranteed. Yeah, exactly. Let's say you purchased the stock for $20,000 and it's now worth 50. So if you were to sell that stock, then you are gonna realize a gain of $30,000 when, you know, whenever that day comes. 'cause usually if you have a stock, I mean, eventually you're gonna sell it 'cause you're gonna be rebalancing it to something else. Or I mean, if you ever wanna spend that money, you're gonna have to sell it, right? So yeah, you're gonna realize a capital gain of $30,000 if you're in the 32% tax bracket, that means you're gonna pay a 20% capital gains tax or you're gonna pay $6,000 in tax. Okay? So if instead of giving $50,000 a cash to your charity, you donate that appreciated stock, you actually will not have to pay the capital gains tax. Okay? So not only are you still going to get the $16,000 deduction for making the $50,000 gift, you also will not have to pay the capital gains tax of $6,000. And so in effect, you've turned a $16,000 tax benefit into a $22,000 tax benefit, right?
So again, consult your advisors on all that stuff, but just if you're sitting on appreciated stock and you're thinking about giving money to charity, giving the stock to the charity could potentially be a lot better than giving them the cash because you not only will get the same tax deduction, but you will also prevent yourself from having to pay capital gains tax on the sale of that stock. All right, Todd, so here's a question. Let's say the charity doesn't have that account open to receive that stock. What? But I still wanna take advantage of that. 'cause let's say my grandma gave me some shares of Disney when it, from when it first opened, and they've just so many massive gains and I do not wanna realize that, but I still wanna be charitable. Is there any hope for me? Yeah, that's, that's a great question, Nik. So a couple options. One, you could ask your charity if they've ever thought about opening a investment account so that they can receive stock gifts. We, we've actually done that before for, for charities. Yeah. It's really not that hard for them to do. They just basically open a brokerage account and they can receive those stock gifts. But the other option is, and and perfect timing of your question Nik, is the fifth strategy that we wanna discuss today is something called a donor advise fund.
And the reason we waited till the end to talk about this is because it really, I think, you know, it, it serves the purpose of helping you do or implement a couple of the strategies we've talked about today. And the first one is just what you just said is if the charity that you wanna support is not able to accept, accept stock gifts, then you can actually make that gift to something called a donor advised fund and get all the same tax benefits and, and you just give it to the donor advised fund instead of the charity. Okay? Yeah. So what is a donor advised fund? And again, we'll segue into that now. So a donor advised fund is an account that you can open and we'll put in a plug here for Schwab Charitable. And again, a lot of the, the, the, the things then the stats that we've been citing today are from information from Schwab Charitable. Schwab Charitable is not the only donor-advised fund out there. It is one of the largest, but there are all sorts of donor-advised funds out there. The way it works is if you open a donor-advised fund, it's basically a fund and or an account that you put money in that you're going to donate to charity. Okay?
So think of it, and the reason that a lot of people use donor-advised funds is, and this, and this is probably, you know, again, the main way we've seen it used in our practice is we have a client that, you know, we're getting to the end of the year, they know they want to donate money to charity, but they actually, they don't know maybe which charity they wanna support or how to divide it up. Maybe they, you know, they, they just sold a business or they got some of windfall or they realize that this would be a, a really good year to make a, a significant charitable donation because of, again, it's gonna help 'em from a tax benefit. But they're like, I don't really know who I wanna give it to yet though. So you can put the money in a donor advised fund and you get the deduction in the year that you put the money in the donor-advised fund, the money can sit in the donor-advised fund then for the time it takes you to decide exactly what charities you wanna support. Yeah, okay. And I, and I frankly don't know if there's a limit to how long it can sit in there, if there is one. It's very, very long. Yeah, like years.
But you put the money in the donated advised fund, you get the deduction and then the money sits in the donor-advised fund until you decide who you want to give it to. Most donor-advised funds are at least Schwab charitable as long as it's over, the gift is over a certain amount and as long as it's a registered qualified charity, you can, you can give the money from the donor-advised fund to any qualified charity. Yeah. Okay. So some donor-advised funds out there actually limited. So I've seen some donor-advised funds, for example, that are faith-based that say, you know, they will only make gifts to other faith-based organizations. Hmm. And so if you're opening a donor-advised fund, you wanna make sure that, that you check into that. But there are plenty of options through not only Schwab but other brokerage firms where you can put the money in there while the money's in there, you can invest it so you can actually, you know, buy mutual funds and things like that so the money's not just sitting there collecting dust while it's in the donor-advised fund. And so, so that's what a donor-advised fund is. So what are the, you know, again, most common uses we see, you know, one, it's what you said with regards to the stock gifts, Nik. Yeah.
You could put the money to the donor-advised fund and then inside the donor advise fund, the stock gets sold and then the donor-advised fund will just turn around and give the cash to the charity. The other thing we see it is just like I said before, you know, maybe you just don't know who you wanna give the money to, but you know, you wanna give money to charity so you put it in there and then, you know, later on you decide who to give the money to and how much. The last way we see it used very commonly is back to the beginning of our podcast when we talked about gift stacking or bunching. Okay. So instead of giving four, you know, again, that example, we were using example of someone who gives $20,000 a year, instead of doing that, you give $40,000 every other year. Well, instead of giving all 40,000 to the charity, you could put $40,000 in the donor advised fund and then just continue to give the $20,000 per year to the charity. Yeah. Okay. So that's another way we see donor advised funds used commonly is to implement that gift bunching or stacking strategy. And that can be nice too, because then the recipient, the charity isn't receiving just $40,000 all at once. Sure. They probably like that, but you can keep your, your rhythm going and not miss a beat. And they don't, they don't know anything that's happened.
Yeah, yeah. So that, so that's it. And again, tho those are the five we wanted to discuss today. Obviously we're not saying there's only five, and again, once again, I'll throw in a plug for, you know, just consult your advisor before doing any of these strategies, implementing them. But again, I, I think, you know, one other nice thing about this is just based on our conversation today, I think that, you know, you've all probably been able to see why, you know, we, we come back to this, I think pretty much at the end of every podcast, Nik, is this just kinda shows how vital financial planning is. Yeah. And when you're talking about financial planning, it's not all about when can I retire and, and how much can I spend? You know, you're getting into things like what's the best way to give money to charity. You know, we talked a lot today about some estate planning ideas around maybe some things and vehicles you can use to, to minimize potential estate taxes down the road. So, you know, we really think that, you know, financial planning can be beneficial for people even more than just trying to figure out when to retire, but also things like charitable giving. So yeah, we, we love working with clients on stuff like this. Totally.
And one thing I'll say too is that it's, it's I think really fun to, to look at somebody's potential estate and say like, Hey, look, you, there might be a case where you're gonna have more money left over at the end of life than you're gonna spend. And I'd I'd encourage you, if you're listening and maybe you're in that camp of, of think about being charitable and, and reap the emotional rewards of benefiting others while you still can. You know, it's, I think it's great to pass along and be charitable at the end of your life if you want to do like a, I don't know what they call like an endowment or whatever, but some of these tools that we're talking about are a great way to be generous, see the impact of it while you're still around Yeah. And enjoy it. So it's, it's just so much fun to, to be a part of this and add this into your financial planning strategy. Yeah, great point. And it's always easier to talk more about charitable giving strategies when the market's up. Yeah. You know, and again, when we, while recording this, the, the Dao and the NASDAQ and the s and p are currently up for the year. Who knows where the year will end out or where it'll be by the time you listen to this.
But, you know, it's, it's been a better year this year than last year so far, so always easier to talk about giving when, when your accounts are maybe doing a little better than they did in 2022. Yeah. And you know, as we, as we come in here to the end of the year, we really do hope y'all had a great year and, you know, happy early wishes for a, for a great 2000 to 24. Wow. Happy New Year. See you guys. Thanks. The opinions expressed in this podcast are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or specific security. It is only intended to provide education about the financial industry to determine which investments may be appropriate for you. Consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices reference for comparison are unmanaged and cannot be invested into directly. As always, please remember, investing involves risk and possible loss of principal capital. Please seek advice from a licensed professional. Momentous Wealth Management Inc. Is a registered investment advisor. Advisory services are only offered to clients or prospective clients for Momentous Wealth Management, Inc. And its representatives are properly licensed or exempt from licensure. No advice may be rendered by Momentous Wealth Management, Inc. Unless a client service agreement is in place.
