Year End Giving Tips

FM Financial
Nov 27, 2023
2 min read

Updated: Nov 30, 2023

We are quickly approaching the busiest giving time of the year. As you consider the gifts God is leading you to give, we invite you to consider the following year end giving tips:

Give an appreciated asset – while cash remains the most popular way to give, it may not always be the best. By giving an appreciated asset, you can offset the capital gains and receive an income tax deduction. Securities are the most commonly donated appreciated asset and are almost as easy to give as cash!

If you are age 70 ½ or more – consider doing your charitable giving through your IRA. Qualified charitable distributions (QCDs) can help to satisfy your required minimum distribution (RMD) requirement and will not count as income to you. You can initiate this type of gift through your IRA custodian.

Donor Advised Fund – giving a gift to your donor advised fund will give you an immediate tax deduction, even if you have not decided on the ultimate recipient of your gift. When you are ready, distributions from your donor advised fund are accepted by most churches and ministries. If you are interested in establishing a donor advised fund, we would love to help you through our partnership with GuideStream Charitable Gift Fund.

If you need an income – we can help! There are many types of gifts that can give you a charitable deduction as well as an income for a specified number of years or even your lifetime. At the end of the designated period, remaining funds are distributed to the ministry of your choice.

Don’t wait - while the end of the year is a popular time to give, ministries appreciate receiving gifts all year long. Gifts other than cash often require more time to process, so don’t delay. Beat the rush this year and get your gift in early.

FM Financial would love to speak with you and answer any questions you might have about year end giving or any particular giving method. Our team has received extensive training on tax-wise methods help you maximize the impact of your gift. Contact us today to begin the conversation.