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Gifting Strategies

Gifting to Family & Friends

Gifting to Family & Friends

Currently the 2024 annual gift tax exclusion is $18,000 per person. A married couple could gift a total of $36,000 ($18k each) to their son or a total of $72,000 to their son and daughter-in-law. Any annual gifts above this amount may require a gift tax form. We recommend consulting with your CPA for additional information.

Charitable Gifting

Charitable Gifting

Charitable contributions may be claimed as deductions on your Schedule A of IRA Form 1040.

• Limited to 60% of your adjusted gross income on gifts of cash and 30% of your adjusted gross income on appreciated assets, such as stock

Donor Advised Funds are excellent giving tools:

• Take an immediate income tax deduction in the amount of the full fair market value when you itemize your deductions

• Eliminate capital gains taxes and the Medicare surtax, which combined could be up to 23.8%

• May be used to maximize deductions for planned giving into a single tax year

• You control when and what charities receive the funds

• Higher Tax deduction of 30% of AGI than Private Foundations at 20% of AGI

Clients over 70.5 years old may gift directly from their IRA to a charity.

• Qualified Charitable Distributions (up to $105,000 in 2024) from your IRA fulfill your annual Required Minimum Distribution (RMD).

• QCDs are not counted toward the maximum amounts deductible for those who itemize their giving on their taxes—the $105,000 can be above and beyond those limits. 

Client Centered

Client Centered

Our business is built on a foundation of thoughtful client relationships.