Getting the most bang for your philanthropic buck
Financial advisors will learn how to best guide clients on charitable planning at one-day course
The “Swiss Army Knife of Gift Planning” is the theme for an upcoming Community Foundation of Southwest Louisiana continuing education course on charitable planning.
Financial and tax planner Bryan Clontz, founder and president of Charitable Solutions, will be the guest speaker for the Aug. 23 event.
Clontz said the focus of the seminar is to help area financial advisors “better serve their clients by finding those assets beyond cash to be able to potentially give more than they otherwise thought possible.”
Clontz said 92-95 percent of all the gifts given in the country come in the form of cash, which “is almost always the worst possible way from a tax standpoint to make charitable gifts.”
Clontz said when financial advisors factor in their clients’ household wealth, only about 3-4 percent is in the form of cash.
“Giving out the smallest piece of their overall pie is the least tax-effective way to make a gift and they do that over 90 percent of the time,” he said.
The course will show financial advisors “how to help their clients to give smarter.”
Clontz said changes in the 2018 tax laws and how it impacts individuals and families with their charitable giving will also be discussed.
“The standard deduction is now very high so many people who were otherwise able to take advantage of a charitable deduction will not from year to year,” he said. “What many tax planners are suggesting is they might create a donor-advised fund one year and overfund it well over their standard deduction so they are able to get the advantage of it in that year.”
Clontz said the donor would not make any gifts to that fund for the next two or three years but could take from the fund, using it as a vehicle to continue charitable giving in those intervening years.
{{tncms-inline content=”<p class="p1"><strong>&lsquo;The only reason people will give is they believe in the mission and they want to have an<br /> impact.&rsquo;</strong></p> <p class="p3"><strong>Bryan Clontz</strong></p> <p class="p4">Speaking about why people donate to charitable causes</p>” id=”7fee8059-5938-4357-90e6-08fb5f715bec” style-type=”quote” title=”Pull Quote” type=”relcontent”}}
“It’s a way to make all your charitable gifts in one year, by bunching them, and that way you are able to take more advantage of the tax efficiency from doing that,” he said.
Another option is to give appreciated property other than cash.
“Even for people that have very high-standard deductions and won’t have enough charitable contributions to benefit directly they can still benefit by making donations of appreciated stock and when they give that (to a charity) they are not having to recognize any of that capital gain within that stock,” he said. “They’re still getting a tax benefit but not getting necessarily a charitable income tax deduction, too.”
He said there are a lot of “doom sayers” out there, but the new tax laws can actually “greatly enhance charitable giving at the very high level so that the top givers have even more benefits from making larger contributions.”
He said “believing in the mission” is what motivates donors to want to give.
“They want to have an impact around that specific area, period,” he said. “The motive is never taxes — ever, ever, ever. Taxes, with the efficiency and planning, helps them give more and to give more efficiently but the only reason people will give is they believe in the mission and they want to have an impact.”
Local CPA Sean McDonald attended last year’s Community Foundation program and said the benefits were tremendous.
“A lot of the things we learned were about tax savings points to advise our clients on charitable donations and how they can give it in one year and still have influence over it in future years,” McDonald said. “Also it’s a great opportunity to connect with a lot of people who do this on a regular basis and can give us some advice on how to speak to our clients about it and give us some good talking points on it.”
He said he’s looking forward to learning about the new tax law changes at this year’s program.
{{tncms-inline content=”<p class="p1">The Community&nbsp;Foundation of Southwest Louisiana is presenting:</p> <p class="p2"><strong>Guiding Clients&nbsp;in Philanthropic Giving</strong></p> <p class="p3">Charitable Planning with Non-cash Assets&nbsp;with speaker&nbsp;Bryan K. Clontz</p> <p class="p6"><strong>Thursday, Aug. 23</strong></p> <p class="p4">&bull; 1 p.m. – 1:30 p.m.: Registration &bull; 1:30 p.m. – 5 p.m.: Program &bull; 5-7 p.m.: Mix &amp; mingle with the expert</p> <p class="p5"><strong>The Paramount Room</strong></p> <p class="p5">Historic Calcasieu&nbsp;Marine National Bank -&nbsp;844 Ryan St.</p> <p class="p7">Registration is $50 at www.foundationswla.org/event.</p>” id=”db9a8825-1870-4704-8e72-8e3bab3d2acc” style-type=”fact” title=”If You Go” type=”relcontent”}}
“I know that’s kind of rocked everybody’s world with the new standard deductions; it’s a big thing,” he said.
McDonald said he would highly recommend the program.
“It’s great meeting people of like minds and learning about ways to help the community and ways to donate.”
The class is set for 1-7 p.m. — 1-1:30 p.m. registration, 1:30-5 p.m. program and 5-7 p.m. mix and mingle with the expert — in the Paramount Room of the Historic Calcasieu Marine National Bank, 844 Ryan St; registration is $50 at www.foundationswla.org/event.
The Community Foundation of Southwest Louisiana is presenting:
Guiding Clients in Philanthropic Giving
Charitable Planning with Non-cash Assets with speaker Bryan K. Clontz
Thursday, Aug. 23
• 1 p.m. – 1:30 p.m.: Registration • 1:30 p.m. – 5 p.m.: Program • 5-7 p.m.: Mix & mingle with the expert
The Paramount Room
Historic Calcasieu Marine National Bank – 844 Ryan St.
Registration is $50 at www.foundationswla.org/event.
‘The only reason people will give is they believe in the mission and they want to have an
impact.’
Bryan Clontz
Speaking about why people donate to charitable causes
Local CPAs John McDonald, left, and Sean McDonald discuss the upcoming course on charitable giving with Sara Judson, president and CEO of the Community Foundation of Southwest Louisiana. John McDonald attended last year’s Community Foundation program and said the benefits were tremendous.
Financial and tax planner Bryan Clontz is the founder and president of Charitable Solutions.