Read the video transcript:
Charlie: So Lyle, we find ourselves prepping for fourth quarter meetings, and in our total wealth management process, one of the items we hit fourth quarter as we talk with clients is generosity. And that’s something that I know is really important to you. It’s important to me. It’s been important to Master’s. Tell us a little bit about that.
Lyle: Yeah, I think there’s a couple things that really excite me about this. One is just to be able to see the impact that dollars do for others, charitable dollars do for others, and help our clients make those decisions and be able to help them see the impact of that. The second piece of it is just the tax benefits. It’s kind of cool when our charitable heart, we’re not motivated of course by the tax benefits, but that our tax dollars can be impacted by being charitable. So, it’s really cool to be able to affect both of those areas.
Charlie: That’s awesome. So, we get a personal benefit, a heart benefit. We also get a tax return.
Lyle: Yeah. And others get a benefit as well.
Charlie: Awesome. Excellent. So, go a little bit further, what are some of the things that we might want to be looking for in the fourth quarter?
Lyle: Well, the first one is for those folks over 72, they need to take required distributions out of their IRA’s. So, there is something called a Qualified Charitable Distribution, a QCD, we call it. They can direct those IRA dollars directly to charity and they have some tax benefits. So that’s the first thing we make sure people get or take advantage of that. Second, maybe not this year as much as last year, but appreciated securities. We can take stocks, or mutual funds that have appreciated in value, transfer those to a charity, oftentimes a donor advise fund, get a charitable deduction and a tax benefit for it. And then the third area is maybe to a little bit lesser degree, but for some folks they can push or pull charitable contributions into a particular tax year. And that can have tax benefits over a couple year playing cycle. So those are some of the practical things that we’re often looking at here in the fourth quarter.
Charlie: Great. Thanks Lyle. We look forward to talking with you throughout this next quarter, and we would love to unpack some of these generosity ideas with each of you.
