Initiating charitable giving conversations is advantageous for your client and your business.
A proactive approach to charitable planning promotes the breadth of your wealth management expertise while developing a more holistic financial plan for your client. Partnering with TCF and integrating philanthropy will help maximize your clients’ financial benefits and strengthen your client relationships.
A donor advised fund is a charitable giving account that offers your client an alternative to direct giving or a costly private foundation. Charitable gifts of almost any kind (cash, stock, property) are accepted. Your client may contribute to the fund at any time, receive an immediate tax deduction and recommend grants from the fund in the current year or subsequent years.
RMDs increase your client’s adjusted gross income (AGI) and could push your client into a higher tax bracket, negatively impacting social security, Medicare benefits and other tax credits and deductions. A RMD donated to a charitable fund is known as a QCD. Clients who are in or near retirement or reviewing estate plans might consider making a Qualified Charitable Distribution (QCD) of Individual Retirement Account (IRA) assets.
If you have clients who regularly give to charity but won’t surpass the standard deduction threshold each calendar year, consider bunching multiple years’ worth of charitable giving in one year. When bunching with a donor-advised fund, your clients benefit by earning a tax deduction in the current year plus potential growth of their invested funds in the account. Your clients then have charitable funds set aside to maintain their annual support for the causes they care about.
You are your clients’ trusted advisor, and that doesn’t change when you partner with us. Our goal is to complement your practice by helping you serve your clients’ philanthropic needs. Your clients can give confidently through TCF while you maintain complete responsibility for their assets under management.
When certain criteria is met, you may be continue managing your client’s wealth and assets may be held outside BOK. Our Finance and Investment Committee routinely reviews management of our investment assets.