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Financial Planning
December 4, 2020
‘Tis the Season…for Charitable Giving
By Lisa James & Lori Zager
The stock market has been a remarkable bright spot this year, but as 2020 draws to a close, millions of Americans remain unemployed. Others have lost their businesses or suffered a drastic drop in income. We devote this blog to ways of helping those who have been left behind.

Ways to Give
  • A cash donation of up to $300: Even if you don’t itemize, donations this size can be deducted for the 2020 tax year.
  • Giving from your IRA: Up to $100,000 of donations made directly from your IRA are not taxed, unlike normal distributions which are taxed as ordinary income. This tax break benefits both itemizers and non-itemizers (over 59 ½) and owners of inherited IRAs. IRA withdrawals for charitable contributions also satisfy your minimum distribution requirements.
  • Donating appreciated stock:
    • Itemizers receive a charitable deduction for the full fair-market-value of the stock at the time of the gift AND avoid paying the capital gains taxes on the stock. Stock must be held over 1 year to qualify.
    • Non-itemizers can get a step up in cost basis by donating their appreciated stock and using available cash to repurchase the same shares at current prices.
  • Bunching several years of charitable gifts into one year: A higher donation amount could mean you will benefit from itemizing your 2020 tax return and save taxes on your contributions.
For Larger Gifts
  • Consider a donor-advised fund (DAF) – a private philanthropy fund administered by a third party. A DAF is like a charitable investment account set up for the sole purpose of supporting organizations that matter to you.
  • A DAF is particularly useful in a high-income year to maximize the value of the charitable tax deduction. Using a DAF allows you to donate assets and take a tax deduction today even though the funds don’t need to be distributed to charity until sometime in the future.
    • Minimum starting donation amounts typically range from $5,000 to $25,000
    • The donation is irrevocable.
    • The contributions are invested tax free.
    • The donor can typically decide how to invest and distribute the funds over time.
  • There are many types of fund sponsors to choose from, all with different goals and minimums.
    • National donor advised fund organizations – such as Schwab, Fidelity, Vanguard, American Endowment Foundation, National Philanthropic Trust
    • Community foundations – which focus on local causes, such as Marin Community Fund
    • Public foundations – which typically support national and international charities focused on a particular issue or geographic region
To deduct any contribution in 2020, the charity or DAF must receive the donation by December 31st, so the earlier you start the process, the better.

We wish you and your families health, happiness, and the joys of giving in the coming holiday season!

The content provided herein is for informational purposes only, and should not be considered advice that is specific to your personal circumstances. Nothing contained herein is intended to be a formal research report, or as a source of any specific investment recommendations and makes no implied or express recommendations concerning the manner in which any accounts should be handled.The information contained herein is not intended to be comprehensive, and there may be other factors and questions relevant to your own individual situation. Any opinions expressed in this material are only current opinions and while the information contained is believed to be reliable there is no representation that it is accurate or complete and it should not be relied upon as such. Investing involves risk, including loss of principal, and no assurance can be given that a specific investment objective will be achieved. You should consult a professional legal and tax advisor for any tax and estate planning advice prior to taking action.

2X Wealth Group is a team at Ingalls & Snyder, LLC., 1325 Avenue of the Americas, New York, NY 10019-6066  |  (212) 269-7757

May 7, 2020
Does Your Portfolio Need PPE (Personal Protection Equipment) Due to Single Stock Risk?

The creep can be insidious. Restricted stock units, options, inherited stock or a growing position due to outperformance can all contribute to being overly invested in a single company stock.

By Lisa James & Lori Zager
April 15, 2020
Picking A Retirement plan option: To Roth or Not?

Nothing in this world is certain except death and taxes. One of the important decisions that faces everyone who is saving for retirement is whether to pay taxes now or later.

By Lori Zager & Lisa James
March 30, 2020
Congress Provides Improved Access to Cash in Retirement Accounts

How you may be able to take advantage of the new rules

BY Lisa James & LORI ZAGER
February 21, 2020
Women Will Bear the Brunt of the Retirement Crisis

A retirement crisis is brewing in America, and unless they make proactive changes, women will bear the brunt of the problem.

BY Lisa James & LORI ZAGER
January 20, 2020
Retirement Plan Changes for 2020

The SECURE Act went into effect on January 1, and contribution limits to workplace retirement plans have increased.

Lori Zager & Lisa James
November 21, 2019
Gifting to your loved ones with Uncle Sam’s help

If you are able, it is better to give assets to your loved ones while you are alive.

Lori Zager & Lisa James
October 31, 2019
Women & Divorce Part 1: The Intersection of Divorce and Your new financial Beginning

Change is never easy and embarking on the divorce process is no exception.

Lori Zager & Lisa James
July 26, 2019
How Much Money is Enough In Retirement?

Does a low interest rate environment blow up your retirement portfolio? 

Lori Zager & Lisa James
May 8, 2019
A Financial Blueprint for After Loss

No one wants to think about death, and I certainly never intended to be the poster child for being a young widow.

Lori Zager
October 12, 2018
How do you choose a financial Advisor

What to consider when choosing an advisor

Lori Zager & Lisa James
September 4, 2018
A blueprint to Put your estate in order

Estate Planning is an uncomfortable process, but taking the time to plan is a gift to your heirs.

Lori Zager & Lisa James
January 25, 2018
Estate Planning: 
Advance Directives and durable power of attorney For healthcare

My husband badgered me to read Being Mortal by Atul Gwande. He, like Gwande, was a physician and as interested in dying well as he was about living life to the fullest.

Lori Zager
January 3, 2018
January is Financial Health Month

Get your checkup!

Lisa James & Lori Zager
April 23, 2017
A Tribute to Auntie Di

On Friday April 14th, 2017 Diane Silver passed away. My daughters called her Auntie Di, and in reality she was more of an aunt to them than their own flesh and blood.

Lori Zager
March 2, 2016
The Forgotten Woman

In February 2016, I read an article by Reshma Kapadia in Barron’s (a financial newspaper) entitled The Forgotten Woman.

Read More
Lori Zager

The views and opinions expressed in the posts on this page are those of the author and do not necessarily reflect the position or views of Ingalls & Snyder, LLC.  Certain content on this page were originally  posted in a personal blog maintained and operated independently by the author prior to joining Ingalls & Snyder, LLC. 

The content provided herein is for informational purposes only. The statements are believed to be accurate at the time of writing, but tax laws may change. The statements provided do not contemplate each individuals unique financial circumstances. Therefore, you should consult a professional legal and tax advisor for your estate planning needs before taking action.