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Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

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Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

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Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

MAXIMIZE YOUR GIVING THROUGH A DONOR-ADVISED FUND

  • Writer: Nick Allen
    Nick Allen
  • Jun 15, 2023
  • 2 min read


Charitable giving and tax benefits

There are many things to consider when mapping out your tax plan for the year. One thing to take into account is how charitable giving might impact your tax situation both now and in retirement. It is essential to plan your charitable giving because, when done efficiently, that benefits you and the church or organization(s) you intend to bless with your donation. As mentioned in a previous article, a Donor Advised Fund (DAF) is a great way to leverage your giving for tax benefits. This article will discuss why a DAF is helpful and how to utilize it.


What Is a DAF, and why should I use one?

If you have been blessed with resources and a desire to give out of your excess, then using a DAF is a practical way to do your giving and minimize your tax bill simultaneously. A DAF is separate from your investment accounts and is maintained by a section 501(c)(3) organization, which is known as the “sponsoring organization.” It is important to note that once the money or securities are donated to the sponsoring organization, they have legal control over it. However, the donor or their advisor retains the distribution and investment privileges concerning the donated funds in the account.


Because a donation to a DAF is immediately tax-deductible, it allows you to donate while still deciding what organization(s) to support. The DAF houses your contribution and can even grow, depending on how it’s invested while in the DAF, while you decide where those dollars will ultimately end up. In short, a DAF is a tax-advantaged way to support causes you love at a pace that is right for you.


How to Use a DAF

To get started, you should identify how much you can put into the DAF. It might help to work backward and determine your estimated tax bill, then decide how much of a deduction you need. Remember, the contribution to the DAF only impacts your tax standing in the year of that donation. Donations from the DAF to organizations of your choice do not carry any additional tax advantages. You’ll need to establish a DAF account and determine which appreciated stocks, mutual funds, or cash you want to donate to the DAF. Many large custodians offer DAF’s. Contact your advisor if you need help getting started.


When to Use a DAF

When you have appreciated stock in a brokerage account or a required minimum distribution from an IRA that could increase your tax liability, donating those securities and/or cash to the DAF will allow you a tax write-off. Sometimes the amount you need to write off exceeds what you might want to give to your favorite charity in a given year, so the DAF allows you to make a large donation all at once, then spread that out to different organizations over time as you see fit.


A DAF is a helpful tool but is not necessarily for everyone in every stage of life. Talk to any of our eleven advisors today if you want to utilize a DAF to increase your tax agility and bless those causes closest to your heart.

Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

​

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

​

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

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