Barrett's 2 Cents

I am a CERTIFIED FINANCIAL PLANNER™ professional. I write personal financial advice for baby boomers without kids. Some people say I help simplify their finances. Other people say I help them enjoy more life experiences. Read on and decide for yourself.

Category: Charity (page 1 of 3)

Getting Lumpy With Your Giving

Susan and Lisa are a charitably-inclined married couple with a recently paid-off home.  They will soon file a tax return and then make sad faces when they realize they can’t write off their sizable contributions to their favorite nonprofit because of changes in the tax law…unless they do this one cool thing.

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The Big Baby Boomer IRA Mistake

IRA>CharityAttention wealthy baby boomers with no kids. If you’re nearing or past the age of 60, there’s one small update you can make to your IRA that will cost you nothing, have no impact on your personal financial well-being, and will probably feel pretty darn good. And I’ll give you two good reasons to do it.

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A Win-Win for your Donor-Advised Fund

If you’re charitably inclined and have a donor-advised fund (DAF), then you already know about the tax benefits. For me personally, I’m having one big regret about my own DAF – not the tax benefits of course (love those), but rather how I invest between the moment contributions are made into it and the point at which money is sent out to my favorite charities.

Quick Refresher

A DAF is like a waiting room for nonprofit donations. You contribute cash or securities to the fund, and take your tax deduction in the year that happens. While your money is in the DAF, it can stay in cash or be reinvested into just about anything (stocks, bonds, mutual funds, etc.). I wrote about three slam-dunk DAF strategies in Donate, Now, Give Later.

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Donate Now, Give Later

3 coin pilesBaby boomers who are in the final decade of their high-income years might want to stop using their credit cards and checkbook to give to charity. There’s a better way to be generous and reduce your taxes at the same time – the donor advised fund (DAF).

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Breaking Bones for Charity

dollar packageAs a career-oriented businessman with no kids (or intention to have any), I can’t help but feel some sense of obligation to be charitable. And it gives me a card to play when my friends with kids tell me how much they admire the free time and extra cash I have because I’m not coaching little league or dropping six figures for tuition bills. So I am destined to a life of career, travel, and philanthropy. But I started to wonder…what role should a business really play when it comes to charity?

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