year-end charitable giving Give back and earn income with a strategic financial plan
W
ith the end of the year and holiday season approaching, there is no better time to consider some end-of-year planning. Below is a brief checklist of topics you may want to discuss with your financial advisor before year end. Charitable Giving: • Can you use appreciated securities rather than simply writing a check to a charity? • Does it make sense to accelerate or decelerate charitable gifts into a year with higher expected income? If accelerating gifts, would a Donor Advised Fund make sense? • Should/can you use part of your minimum required distributions from IRA accounts to directly satisfy gifts to charity if legislation allows? Retirement Accounts: • Have you maximized contributions to your employer-sponsored retirement plan? • Are you eligible for Roth IRA or Back-Door Roth IRA contributions? • If you are 71 or have reached age 70.5 in 2015 have you taken your minimum required distribution from your retirement account(s) by the applicable deadline? In addition to the above topics, I strongly recommend that you receive an annual financial checkup with your financial advisor (ideally a professional with
the CFP® Designation, www.letsmakeaplan.org). Life is seldom static and changes in your life lead to changes in your financial plan. Your financial plan and annual review should be comprehensive consisting of at least the following areas: • Financial Independence Analysis (i.e. determining appropriate investment portfolio and necessary budget/savings plan to meet your retirement, education and legacy goals) • Insurance Review - ideally performed by an objective professional • Estate Plan Review - ensure your current documents correspond with your wishes Additional planning areas may revolve around tax planning, business succession planning, major purchases or sales, or intra-generational planning. If you are interested in making a Year End Charitable Gift to Ronald McDonald House Charities, please contact Frank Cognata, Vice President, Development, at 314-932-4148. ■ Steven A. Frank, JD, CFP®, AIF®, Wealth Manager, Director of Compliance for Plancorp, LLC. is a member of the RMHC St. Louis Planned Giving Committee.
A nice tax deduction could be rolling your way! Looking to get rid of a used or unwanted vehicle? RMHC St. Louis is now accepting vehicle donations! When you donate your vehicle to RMHC St. Louis, we will arrange for someone to pick it up and sell it on your behalf. The proceeds will go to RMHC St. Louis and you will receive a tax deduction for the sale value of the vehicle. To donate your vehicle visit www.CarsHelp.org or call 1-855-227-7435. For additional information, contact Frank Cognata at fcognata@rmhcstl.com.
Heartbeat • Fall/Winter 2015
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