As another post-pandemic year comes to a close, we at SageSpring are filled with gratitude. Despite alarming inflation, slow global growth, and sustained market declines, our investment clients have found ways to give back to the community through charitable giving.
Of course there are financial advantages to charitable giving–such as tax deductions–but the societal and ethical benefits of benevolence are far more important and long-lasting. Our generosity can help ease the financial burdens many people are unable to shoulder alone, especially in the economic uncertainty we face today. It can benefit the giver too, as it can fuel our passions and improve our social wellbeing. Moreover, helping others has been proven to boost our own happiness time and time again, and has even been linked to a decrease in stress.1
That’s why, throughout the years, charitable giving has remained one of the most imperative values we hold here at SageSpring. Our investment clients have given to the causes that matter most to them, and we are pleased to report on their generosity.
2022 Charitable Giving Totals
TOTAL NUMBER OF ACCOUNTS INCLUDED
Every year, this number grows larger. We’re thrilled that in 2022, 343 of our accounts contributed to nonprofits and charities.
GRANTS DISTRIBUTED TO CHARITY
In order to help clients provide ongoing support to a specific charity, SageSpring sets up charitable grants. This year, 3,672 grants were distributed.
One of the most meaningful things we at SageSpring do throughout the year is offer our clients guidance on the most purposeful and effective ways they can give. Our advisors are well-informed and stay up to date on tax deductions and benefits, and we strive to help make the most of our clients’ generosity.
Four Ways Our Advisors Help Clients Give
We help clients set up Donor-Advised Funds.
Donor-Advised Funds (or DAFs) are funds set aside for the sole purpose of charitable giving, and are one way in which we encourage our clients to commit to sustainable, regular generosity. Reaping tax benefits and growing assets is an added bonus of DAF contributions. Learn more about these benefits in our post: 3 Tax Benefits of Donor Advised Funds.
We help clients gift retirement assets.
Clients over 70.5 years of age can make a qualified charitable distribution (or QCD): a direct contribution from an IRA. A QCD is contributed free of income tax, can keep the donor in a lower tax bracket, and may even help curtail Medicare surcharges.
We help clients donate appreciated stock.
Donating appreciated stock directly to charity instead of selling it first can enable our clients to avoid long-term capital gains tax penalties. That means more funds go to supporting the causes they care about.
We help our clients choose charities.
If you need guidance on how to end your year strong through charitable giving, SageSpring is here to help. Your generosity not only benefits you, but it makes a lasting impact on the lives of countless people. Let us offer our expertise on how to find the organizations that resonate most with you, and maximize your personal giving benefits. Schedule a call with an advisor today.
Any opinions are those of SageSpring Wealth Partners and not necessarily those of RJFS or Raymond James. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.
Donors are urged to consult their attorneys, accountants or tax advisors with respect to questions relating to the deductibility of various types of contributions to a Donor-Advised Fund for federal and state tax purposes.