Year-End Planning: Charitable and Family Giving
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®
4.7 • 1.1K Ratings
🗓️ 27 November 2024
⏱️ 40 minutes
🧾️ Download transcript
Summary
Welcome to another episode dedicated to enhancing your retirement journey! Today, we wrap up our series on year-end action items with a focus on charitable and family giving. Discover how strategic charitable contributions can optimize your tax plan and learn about family giving opportunities that can make a difference. We also address your questions and share essential updates, including a correction on HSA contribution limits and an exciting upcoming live case study. Plus, get ready for a December packed with insightful guests like Christine Benz and Michael Easter. Dive in and explore ways to rock your retirement with confidence!
PRACTICAL PLANNING SEGMENT
(00:30) Today we are going to talk about charitable and family giving.
(00:53) I misquoted the HSA contribution limits in episode 565
(02:40) In January we are doing another Retirement Plan Live series.
03:50 In December we will have several great guests on the podcast including Christine Benz, Daniel Crosby, Michael Easter, and Tanya Nichols.
(04:21) Today we're going to talk about charitable and family giving
(05:30) There's no real impact from a tax perspective on charitable giving unless you itemize your tax return.
(07:41)What are ways of giving to a charitable organization?
(12:00) You can batch your charitable contributions into one year in order to have a significant impact on the tax you pay in reduction.
(14:42) Let’s talk about family giving. You can give up to $18,000 a year in family giving.
(16:44) You can pay family educational expenses and medical expenses without limit as long as you are paying directly to the institution.
LISTENER QUESTIONS
(18:00) I had a discussion with a member of the Rock Retirement Club yesterday about moving to a warmer state in retirement and helped analyze the feasibility of their plan in the different states.
(25:14) One question related to the upside portfolio, do I have to build a whole asset allocation?
(28:45) Our next question is an audio question related to rebalancing. “Hi, Roger. I have a question about the process of rebalancing your pie cake… what process should I use to refill layer two of my pie cake to continually fund the next five years of my life?”
SMART SPRINT
(37:55) In the next seven days review your charitable and family giving.
BONUS
(38:15) Roger shares another excerpt from his grandfather's WWII journal.
REFERENCES
Simon Sinek- Originator of Humble Pie Quote
https://simonsinek.com/
Red Cross
https://www.redcross.org/
Schwab Donor-Advised Fund
https://www.schwabcharitable.org/
Fidelity Donor-Advised Fund
https://www.fidelitycharitable.org/
Upcoming Podcast Guests:
Christine Benz
https://www.morningstar.com/people/christine-benz
Michael Easter
https://eastermichael.com/
Daniel Crosby
https://orion.com/thought-leader/daniel-crosby
Tanya Nichols
https://www.align.financial/tanya-nichols/
Retirement Podcast Network
https://retirementpodcastnetwork.com/
Six Shot Saturday
https://rogerwhitney.com/six-shot-saturday
Show notes created by https://headliner.app
Transcript
Click on a timestamp to play from that location
| 0:00.0 | The show is a proud member of the Retirement Podcast Network. |
| 0:04.0 | I don't enjoy Humble Pie. It never tastes good, but I do appreciate when it happens, |
| 0:12.1 | Simon Sinek. |
| 0:16.6 | Welcome to the show dedicated to helping you not just survive retirement, but to have the confidence to really lean in and rock it. |
| 0:26.5 | Today on the show, we're finishing our month-long series on year and action items to consider in order to optimize your plan. |
| 0:35.5 | Today we're going to talk about charitable and family giving. We don't have to |
| 0:40.7 | know everything about these topics, but it's important to bring out some opportunities so they |
| 0:45.1 | become front and center so you can decide whether you explore them further. In addition to that, |
| 0:51.5 | we're going to answer some of your questions. Two little announcements before we get on with the show. |
| 0:56.3 | Number one is the humble pie in this case was my quoting of the HSA contribution limits in episode 565, |
| 1:05.4 | where we talked about, don't forget those if you are in a health savings account compliant plan. |
| 1:11.8 | I gave you the wrong numbers. |
| 1:13.3 | And a number of you emailed me and let me know that, which I love. |
| 1:17.9 | All of you did it in a very kind way. |
| 1:19.9 | I just misquoted the numbers I had in front of me. |
| 1:22.2 | So I want to make sure I correct the record. |
| 1:24.3 | And this helps me sharpen my skills as well. |
| 1:27.1 | So if you are enrolled in a HSA-compliant |
| 1:32.0 | health care plan, so this is who this is going to apply to. And essentially, those are plans that have |
| 1:36.7 | high deductibles to them. You are eligible to make a tax-deductible contribution to a health |
| 1:43.8 | savings account. And if you are an |
| 1:46.3 | individual and you are enrolled in one of these type of health care plans, you can have an |
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