|
Greetings from
the Coral Gables
Community Foundation!
Fall is upon us, and philanthropy is on the minds of many. As attorneys, accountants and financial advisors, you frequently start year-end planning for your clients in September. And, many of your charitable-minded clients are beginning to look closely at their charitable giving goals and setting in motion the gifts they want to make before 2023 winds up.
At the Coral Gables Community Foundation, we are here to assist you as you guide your clients in executing their philanthropic plans. In that spirit, we’d love to draw your attention to an important topic:
| |
NEW OFFICE: Coral Gables Community Foundation is located across from the Coral Gables Museum and Books & Books at 288 Aragon Avenue, Second Floor Suite D, Coral Gables 33134. | |
|
Always Keep an Eye
on Clients’ Appreciated Stocks!
| |
|
We just can’t say this enough! Attorneys, accountants and financial advisors like you know the tremendous benefits when your clients give appreciated stock, instead of cash, to their Donor Advised Funds at the Community Foundation. Unfortunately, the message often does not get through to clients. A regular reminder from you is so important to ensure that your clients are maximizing their charitable giving dollars to support their favorite causes and optimize their own financial plans. Despite the rocky stock market, many stocks are up in 2023.
As always, we appreciate the opportunity to work with you and your clients!
| |
PROFESSIONAL ADVISORS COMMUNITY | |
|
Professional Advisors Council Directory is here.
Send updates to katherine@gablesfoundation.org.
| | | |
|
Your clients who give appreciated
securities to a Donor Advised Fund can:
- Enjoy the ease of the Donor Advised Fund as an account for current and future charitable giving.
- Conveniently support the causes they and their families care most about.
- Maintain a mix of assets in the Donor Advised Fund account consistent with their investment philosophies.
- Benefit from an up-front income tax deduction, avoid capital gains on the assets’ sale within the Fund and grow the proceeds for future grantmaking.
- Leave a legacy for children and grandchildren to continue their philanthropic commitments.
- Reduce the value of their taxable estate, potentially reducing estate taxes.
- Comply with IRS charitable gifting guidelines.
- Enjoy supporting charities in the client’s name, the fund’s name or anonymously.
- Receive a single year-end tax document that summarizes all gifts for tax purposes.
| | | |
|
By establishing a Donor Advised Fund at the Community Foundation, your client is part of a community of giving and will have opportunities to collaborate with other donors who share their interests. In addition, your client is supported in strategic grant making, family philanthropy and opportunities to gain deeper knowledge about local issues and nonprofits making a difference.
So, while it’s nice to see the market’s performance improve, a bonus opportunity lies in your clients’ transferring appreciated securities such as stocks, mutual funds and exchange-traded funds to Donor Advised Funds at the Coral Gables Community Foundation. We are here to help!
| | |
END OF YEAR REMINDER - MANDATORY DISTRIBUTIONS | |
Did you know your clients can use their RMD to support their favorite charity? | |
|
|
A required minimum distribution (RMD) is a requirement by the IRS for individuals age 72 (70-1/2 before January 1, 2020) and older to withdraw from their IRA. RMDs are subject to income taxes and are included in the IRS calculation of taxable income.
If you are 70½ years old or older, you can take advantage of a simple way to benefit public charities such as the Coral Gables Community Foundation and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as ours without having to pay income taxes on the gift.
Donors can enjoy supporting the Coral Gables Community Foundation through our Unrestricted, Community Giving and our Scholarship Funds with their IRA Charitable Rollover. Gifts to Donor Advised Funds do not qualify.
If you would like to know more about the benefits associated with the IRA Rollover and how to make this type of gift, please contact us today. We are ready to assist your clients in pursuit of their charitable goals.
| |
PROFESSIONAL ADVISOR SPOTLIGHT | |
Get to Know Laura M. Horton, Esq. | |
|
Laura Horton, who joined the Foundation’s Professional Advisors Council this Spring, is a fourth generation Miamian and a Florida Gator.
She has been practicing law since 1990, specializing in estate planning. Her firm, Morgan Horton Law, is active in more than a dozen charitable activities including the Orange Bowl Committee and the Don Shula Foundation.
We are grateful for Laura’s continued support and partnership.
Read more on her firm's website:
https://morganhortonlaw.com/
| |
|
PROFESSIONAL ADVISORS GATHERING - SEPTEMBER 2023 | |
|
Diamonds and Fine Art – How to Appraise?
And How to Manage Donating of Collectibles?
| |
Hindman Auctions connected with Coral Gables Community Foundation's Professional Advisors Council for a fascinating presentation at The Biltmore Hotel. | |
Peter Zubizarreta, SVP Wealth Management at UBS; Mary Snow, President & CEO, Coral Gables Community Foundation; Elizabeth Rader, Ph.D., Senior Director - Miami, Hindman Auctions; April Matteini, Senior Specialist - Jewelry & Watches, Hindman Auctions; Michael Walsh, CFP, Wealth Manager at Evensky & Katz / Foldes Wealth Management. | |
Greg Cheng, CEO of Meira Wealth (formerly the Lubitz Financial Group) | |
Elizabeth Rader, Ph.D., Senior Director - Miami, Hindman Auctions | |
Christopher Pastor, SVP and Philanthropy Advisor at Bessemer Trust with April Matteini, Hindman Auctions | |
TO JOIN our Professional Advisors Council or to be invited to our next event, please contact Katherine Caskey, Director of Philanthropy, katherine@gablesfoundation.org / 305-446-9670. | |
|
|
The Foundation would like to give special thanks to Hindman Auctions for generously supporting the August meeting of the PAC at The Biltmore Hotel. | | | |
|
This newsletter is provided for informational purposes only. It is not intended
as legal, accounting or financial planning advice.
| | | | |
