You may have seen the national fundraising campaign #GivingTuesdayNow which kicks off today, May 5, 2020. What has typically been a day to kick off thoughts of holiday giving in October, has been moved up to meet the needs of non-profits during the Covid-19 crisis. Like many other organizations, nonprofits are having to find ways to do their work remotely, requiring additional expenses, and needing to ensure that the people they serve are getting the support they need.
How can we help as your financial planner? We welcome conversations with you to determine what kind of giving you can do at this time. This is a great opportunity to look at using your already funded Donor Advised Fund, or to review your appreciated securities to make a gift.
Some of you have been gifting through your IRAs. Although the Cares Act has waived Required Minimum Distributions for 2020, you are still eligible to make your Qualified Charitable Distributions—gifts of cash from your IRA that will not be taxed as ordinary income. However, we may encourage you to consider another way of gifting this year to allow your IRA to grow. Financial planning is never one size fits all, so give us a call to see what the best strategy is for you.
Finally, please remember that even though this is a time of significant need for many, you should always consider a gift that is most in line with your values. You do not have to respond to every mailer sent, every email, and every Facebook hashtag that you see. What has been your life’s work or your biggest desire to help change the world? Consider making a gift to an organization that meets that desire. We are here to listen about how you can make a difference. We look forward to it.