Danielle Howard: Charitable Giving in Unprecedented Times

Danielle Howard is a CFP® and CKA®. and co-founder of Wealth By Design, a Basalt, CO, based wealth management and financial planning consultancy. A committed supporter of Youthentity’s Youth Financial Literacy programs, Danielle is a thought leader in her field and generously shares her vast knowledge on gaining financial independence through smart planning.

Now is the time to look past our fears and start positioning for the opportunities that lie around the corner.  It is a time to take the perspective of sufficiency instead of deficiency.  Please check out Global Rich List to gain some perspective.  We can shelter in place, technology at our fingertips and have food delivered.  As we don a daily attitude of gratitude, we can free ourselves to share with moxie and momentum.

It is time to experience true wealth as found in the joy of giving.

What we do now, to utilize our character strengths as well as appropriate our financial assets will usher in happier, fulfilled and changed families, communities and world.  You have the opportunity to co-create what is next.

Our health care providers are on the front line of this challenging time, with many others stepping up and into positions to serve.  Those with financial resources to share are being called on in ways that may take them out of their comfort zones.  Everyone has a vital part to play in unfolding solutions and non-profit organizations are strategic partners.  They need your continued, generous support.

As you look at how to best share your financial resources right now, there continue to be creative, strategic ways to do so.

·       If you have not filed your taxes yet (you now have an extension until July 15th, 2020) consider ReFUND.

·       Considerations with your IRA

The SECURE act changed the timeline to start taking your required minimum distributions (RMD).  For anyone turning 70 ½ in 2020 you do not need to take your RMD until age 72.  However, if you turned 70 ½ last year or before you need to continue to take it annually.  The amount you need to withdraw was based on the account value of your IRA on 12/31/2019.  If you have several IRA’s, look at the overall total amount.  With current market volatility, you could take your entire RMD from the most conservatively positioned portfolio. 

As part of your giving plan, you could utilize the Qualified Charitable Distribution.  Contact your advisor or custodian and request that they send your RMD to a qualified 501C3 organization directly.  This keeps the income off your 1040.  Since many people are using the standard deduction now rather than itemizing, this will keep your taxable income lower.

This pandemic has created the great equalizer.  It impacts every man, women and child, regardless of color, creed, political affiliation, or economic standing.  We have a moral imperative to co-create a new and better world.  Giving generously to causes and organizations as well as your neighbors is no longer a luxury of abundance but an expression of sufficiency.

Talk with your financial life advisor to discern the best, tax efficient, productive ways to give.

Danielle Howard is a CFP® and CKA®. Wealth By Design is located at 23300 Two Rivers Rd in Basalt where they help you “Optimize Financial Possibilities and Unfold Life Potential”.  Now working with clients hourly to navigate our current financial landscape. Call us at 970-927-3909. Advisory Services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research Inc., a broker/dealer, member FINRA/SIPC. Cambridge and WBD are not affiliated.