Advisor

For clients who may sell a business, the time to think charitably is right now

While it all sounds good, business brokers will tell you that many business owners fail to optimize—and they sometimes even compromise—the value of their business’s proceeds by rushing the process, hastily determining an asking price, or not fully assessing the value of their business to a potential buyer. In their haste, owners often miss strategies that can deliver an improved post-sale result and a true reward for their years of work.

Smart disaster giving can offer predictability to the unpredictable

Sadly, rarely does a month go by without the news of another disaster or humanitarian tragedy. Most recently, the Maui fires and Hurricane Idalia are making the headlines–and also generating widespread charitable support. Indeed, many of your clients are no doubt supporting relief efforts through monetary donations.

Stories that caught our attention  

Emojis are fun, but . . . Words matter, and apparently, emojis do, too. At least in Canada, where a judge recently ruled that a thumbs-up emoji within a text message qualified as acceptance of a contract despite the sender’s alternate intentions stated later—and at an … More →

Legacy giving: A conversation that’s full of opportunity

August is National Make-A-Will Month. This means your clients may be reading articles and hearing about estate planning more this month than usual, which makes the next few weeks an especially good time to prompt your clients to review their estate plans–or get their wills and … More →

Helping your clients get organized: Structure is a critical step in multi-generational philanthropy

Instilling the idea of charitable giving in children and grandchildren at first blush may appear to be easy, but where to begin, and how to make it ongoing? More and more, wealth advisors are being asked by their clients to weigh in on strategies for fostering a family’s financial values, which frequently include charitable giving traditions. 

How “catch-up” contributions can boost clients’ giving

At YouthBridge Community Foundation, we regularly work with legal, financial, and tax advisors like you to help clients reach their charitable goals. As a professional who regularly works with charitable clients, you are no doubt well aware of the tremendous benefits to both clients and charities when a client names a charity, such as a fund at YouthBridge, as the beneficiary of an IRA or other qualified retirement plan.

Our reading selections

Giving is down, but the total amount–nearly $500 billion—is still impressive, NIL collectives: DOA?, and Even more reasons to talk about philanthropy with your clients

Advising clients about AI’s impact on charitable giving

News about the capabilities of artificial intelligence has skyrocketed over the last few months. As attorneys, accountants, and financial advisors, no doubt you are watching these developments closely, both because of the potential legal issues involved and also because of the ways AI can enhance your work.

Keep your eye on clients’ appreciated stock–always

By August 2022, markets were down 12% for the year and inflation was up 8.3% year-over-year. Perhaps consequently, but then unknown, annual charitable giving was on its way to a rare (fourth time in 40 years) year-over year decline of some 4% according to Giving USA. Certainly this decline was due in part to donors not wanting to give stock at depressed values. You likely even discussed this with your clients! 

Summer topics worth watching

Proposed legislation known as the Charitable Act appears to be gaining momentum. The bill calls for making available a “below the line” deduction to taxpayers who do not itemize on their tax return.

Bridging the gaps in multi-generational family philanthropy

Differing views within families is nothing new; differing views about nearly anything and everything is centuries old. For generations and generations, common topics of disagreement have included popular culture, politics, religion and parenting, just to name a few. Frequently outranking all is money—how it’s made, spent or saved—or not. 

Gifts of cash or stock: Is it a toss up?

As your philanthropic clients can likely attest, the going has been rough for many of the nonprofit organizations they support. Turbulent economic conditions, concerns about inflation, and challenges in the banking sector are just a few of the factors that are causing donors to be more financially conservative and perhaps begin to evaluate whether to keep their charitable giving at the levels of years past.

Here’s what we’re reading

As you talk with your clients about charitable giving, are you leading with tax benefits? Deferring philanthropy topics until November and December? Not looking at the big picture?

Tax scrutiny: Should clients worry about the IRS’s bigger budget?

A major portion of the $80 billion scheduled to be invested in Internal Revenue Service upgrades is earmarked to “increase tax compliance among wealthy taxpayers and businesses,” according to the IRS’s plan.

Retirement plans to charity: Understanding the “trifecta” of tax benefits

Over the last few months, many advisors have noticed an uptick in client inquiries about leaving their IRAs and other retirement plans to charity. If you’re wondering why, it likely has a lot to do with the buzz about Qualified Charitable Distributions…

Tax tips to keep you on your toes

Charitable deductions and the vehicles that generate them continue to land on the IRS’s radar.

Beyond the standard deduction

Tax deductibility of donations has changed with the times, and another piece of in-process legislation, if passed, would again reward charitable-minded tax filers who do not itemize, at least for tax years 2023 and 2024.

Turmoil in banking and technology: Optimism for charitable giving?

Your philanthropic clients may seek your advice on how the recent events in the banking world could impact their approach this year to charitable giving. We’re sharing three factors to keep in mind as you counsel charitable individuals and families.

Giving a business to charity: Stack the odds in your client’s favor 

Despite recent reports of a 55% decline in charitable giving by the top 50 U.S. donors in 2022, high profile giving by donors associated with well-known businesses has maintained its place in the limelight, even amid recent market volatility and tenacious concerns about inflation and … More →

Hidden no more: Designated funds and field-of-interest funds

Most attorneys, accountants, and financial advisors are well-aware of donor-advised funds and the reasons behind their popularity. Especially when a donor-advised fund is established at YouthBridge Community Foundation, this vehicle is an excellent way for your clients to organize their charitable giving and get even more connected to the causes they care about.