At CCM, we believe an integrated financial plan is key to best supporting our clients in fulfilling their financial goals. In our experience, families benefit most from integration that incorporates investment, estate, tax, retirement, risk management, and philanthropic plans. Since qualified charitable distributions (QCDs) and donor advised funds (DAFs) are tax-efficient charitable giving strategies, their impact is significant across three of the disciplines CCM emphasizes and, thus, the ... [Continue Reading]
Articles and resources related to Charitable Giving.
Last year, charitable donations rose five percent to a record level—$471.4 billion. 1 And yet, despite rising generosity, it’s important to acknowledge that, much like the practice of saving money, it’s not always easy to give charitably, even when you have the desire to do so. The study of behavioral finance explains why it can be difficult to accomplish our well-intentioned financial goals. Behavioral finance, which joins human psychology and economics, seeks answers to the why and ... [Continue Reading]
We often talk with clients about a concept called the "Wealth Equation," a formula we custom-created at CCM. The formula is paired with a process we encourage clients to apply in guiding them through identifying and accomplishing what is most important to them. Applying the Wealth Equation often results in meaningful conversations about life, legacy, priorities, and making a lasting difference in the lives of those who are most important to us. Our recommended reading today comes from Forbes, ... [Continue Reading]
With the fourth quarter of the year upon us and given the many changes brought to bear by the Tax Cuts and Jobs Act of 2017, it is the opportune time to consider some very key questions as it relates to your 2018 taxes. The answers to these questions are critical in determining appropriate actions to take before the end of the year in order to optimize your tax situation. Will the total of your itemized deductions exceed the new higher standard deduction? The increase in standard deduction ... [Continue Reading]
The Tax Cuts and Jobs Act of 2017 has become a catalyst for taxpayers to revisit their charitable giving strategies. Under the new law, many taxpayers will no longer be able to itemize deductions on a regular basis due to the following changes: The standard deduction has been increased from $12,700 to $24,000 for a married couple filing jointly ($26,600 if both spouses are age 65 or older) and from $6,350 to $12,000 for a single taxpayer. The deduction for state income taxes and real ... [Continue Reading]