Charitable Giving

CHARITABLE GIVING AND GIFT PLANNING ADVISORS IN LYNCHBURG

For many of our HSC Wealth Advisors clients, leaving a legacy defined by charitable giving is an important life goal. As a provider of charitable giving advice, our firm can help your family contribute to your favorite charities in a meaningful and tax-efficient way. You can trust our financial advisors to give you the advice you need and help you understand any tax implications of charitable donations.

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ABOUT STRATEGIC PHILANTHROPIC PLANNING

Giving back to those in need, or to organizations whose worthy goals you support, is a rewarding pursuit that can also have serious tax consequences without careful planning. At HSC Wealth Advisors, our charity planning can help you assess your personal spending plan and long-term legacy goals when establishing an appropriate amount for giving. For some clients, this may mean giving as part of an estate plan; other clients may prefer to see their assets put to use during the course of their lifetimes.

Securing professional advice well in advance of making a donor commitment is strongly advised. For example, donating funds directly from a traditional or Roth IRA may be tax-free if the charity qualifies. Smaller gifts may be better suited for estate planning, or you may prefer to make a charity the beneficiary of your employer-sponsored plan. The charitable trust is another option, as is establishing a private foundation or donor-advised fund. Regardless of your wishes, the financial advisors at HSC Wealth Advisors can help you create a lasting philanthropic legacy.

How a Financial Advisor Can Assist You

Working with a financial advisor can take your charitable giving financial planning to the next level by maximizing the various tax benefits you can receive.

Partnering with HSC Wealth Advisors gives you a resource that understands the ins and out of current regulations and any changes that may occur. With our charitable giving services, you can be sure you file your charitable donations correctly and receive the benefits on your tax return while helping those in need.

Common Implications of Charitable Donations

While supporting causes that match your values and beliefs through charitable giving, you may also experience several tax implications of charitable donations:

  • You must itemize all donations: Gifts to qualified charitable organizations that are greater than standard deductions will enable you to take a charitable deduction on your income tax.
  • You can deduct contributions in the year you give them: You can deduct a contribution from the year you put a check in the mail or from the year you charged your credit card.
  • The charitable organization must qualify for a charitable contribution deduction: You can only deduct a contribution if it is to or for the use of qualified recipients, even if the organization itself is exempt from income tax.
  • Keep receipts for all donations: Whether you are donating items such as clothing and furniture or money, maintain proper documentation of your gifts to include in your tax return.
  • Use caution if donating vehicles: If you donate a vehicle worth more than $500, you can only deduct the amount the charity makes from the sale of your car.
  • Qualifying individuals can implement IRA charitable rollover tax benefits: Individuals 70 ½ years old who make contributions to a qualifying charitable organization directly from a traditional IRA and do not receive goods or services in exchange for their donation do not have to count their gift as taxable income.

Before making any donations, consider factors such as whether the organization is tax-exempt, their location, and if they have control over the use of their donations. Our financial advisors at HSC Wealth Advisors can assist you in this process to maximize the tax benefits of giving to charity.

Why Charitable Giving by Families Matters

Charitable giving can be a powerful way for families to connect over shared values and beliefs. Giving as a family can also provide unique opportunities to spend time together and create bonds that can stretch among generations. Below are some of the benefits of engaging in charitable giving as a family:

  • Create lasting traditions: Those who grew up in families with strong giving traditions are more likely to continue donating and pass this tradition to their children.
  • Greater happiness: Children who grew up in families that regularly participated in charitable giving and continue to give as adults are more likely to experience greater happiness levels.
  • Learn valuable communication skills: Many families take a democratic approach to giving, allowing all members to express their opinion and learn how to communicate their ideas to others.

OUR TEAM

Our team of charitable giving financial advisors in Lynchburg, Virginia, can help you reach your charitable goals. Should your philanthropic goals require assistance from tax and legal professionals, we can coordinate efforts with area experts who share our client-focused approach and with whom we have long-standing relationships.

As a wealth management firm for gift and trust planning in Virginia, HSC Wealth Advisors will put your needs first. Our team adheres to a rigorous mission and investment philosophy that astutely manages your financial resources with your needs in mind. We customize resource management plans with sound diversification practices, a transparent fee structure, and a commitment to doing what’s right by our clients.

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CONTACT HSC WEALTH ADVISORS FOR CHARITABLE GIVING SERVICES

In addition to the charitable giving advice we provide, HSC Wealth Advisors also offers comprehensive wealth management services. These services include retirement planning, investment management, education planning, tax and estate planning, and trust development and management. The relationships we build with our clients have, in many cases, lasted through decades of turbulent markets.

Our clients know they can trust us to do what’s right for them. As practicing fiduciaries, we always act in the best interests of our clients — not product sponsors. Let the charitable giving financial advisors at HSC Wealth Advisors help you plan your philanthropic legacy today.

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