2023 Tax-Smart Philanthropy
Something else to consider is a donor-advised fund. With this fund, you can gift money from your RMD to your own fund. That then gets invested like a brokerage account and later, you can choose where you want to donate the money. It doesn’t have to be a requirement of distribution, and it could be any amount. Many of our clients who have sold businesses have put a percentage of that into a donor advised fund and they actually use it around the holidays. Their family members think about which non-profits they want to help during the holidays. Then, they take the dividends from all those contributions and make donations, creating tax-smart philanthropy.
Have more questions? Contact Us
President, Wiser Wealth Management
Click here to schedule a consultation with one of our financial planners.