The Season of Giving: Charitable Strategies and Tax Tips for Year-End

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It's the season of giving with Giving Tuesday

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upon us.

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Let's talk about that on the next Something

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More with Chris Boyd.

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Welcome to Something More with Chris Boyd.

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Chris Boyd is a Certified Financial Planner, Practitioner

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and Senior Vice President and Financial Advisor at

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Wealth Enhancement Group, one of the nation's largest

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registered investment advisors.

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We call it Something More because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Welcome everyone for another episode of Something More

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with Chris Boyd.

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I'm here with Jeff Perry.

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We are both of the AMR team with

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Wealth Enhancement and glad you are with us.

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It is now officially the holiday season.

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I love this time of year.

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Everyone, I think most people love this time

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of year.

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There's a lot to enjoy about taking time

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for gratitude.

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We start to focus on the holidays in

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December and a season of giving that that

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implies.

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The kickoff, Black Friday, purchasing season, and small

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business Saturday, Cyber Monday, all of these things

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are this time of year.

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And Tuesday represents Giving Tuesday.

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Think of those considerations, particularly those small businesses

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on Saturday, small business Saturday and throughout the

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holiday season.

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If you like being able to go into

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stores, you got to help them, support them

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too, right?

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Absolutely.

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Just stop in and might get a new

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idea.

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I thought we would talk a little bit

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about charitable giving.

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I often like to talk about this, this

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time of year.

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We've often had on friends at this time

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of year from local non-profits, the Cape

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Cod Foundation, the United Way of Cape Cod,

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Housing Assistance Corporation, Red Cross, all of these

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and many others, that this is that time

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of year when people start to think about

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their charitable endeavors.

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Non-profits rely on money to keep them

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going all year long.

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But it seems that as we think as

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consumers or individuals, we think about our tax

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return, we kind of have that extra push

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at the end of the year to say,

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oh, I got to get, I'm meaning to,

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who else did I want to give some

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money to this before the year's over?

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It tends to be this time of year

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that we think about that.

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The, while everyone else was trying to get

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in on the consumption stage of things this

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time of year, giving Tuesday became a marketed

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term for charitable entities.

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Instead of waiting until the last few days

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of the year, when people get those checks

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out, they started thinking, hey, maybe we can

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encourage people to do it in December a

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little earlier than they might have otherwise.

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So, um, you know, it turns out that

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only about 10% of U.S. taxpayers

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currently itemize and therefore can deduct their charitable

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contributions.

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However, that's right.

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You want to take it from there?

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Well, this year we have a new charitable

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deduction.

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Does it start this year or next year?

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I was thinking it's 26, but I'm not

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sure.

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But with the one big, beautiful bill, there

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is this new opportunity, but I'm, it was

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next year.

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Nope.

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It is for this 2025 tax year.

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Oh, good.

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Yep.

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So you can do what?

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Oh, you know what?

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Maybe I'm wrong.

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Charitable donations are deductible if you itemize, which

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has always been the case.

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Yes.

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We can talk about that more in just

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a second.

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Itemizing.

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The special, as you mentioned, above the line

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deduction for non-itemizers does not apply to

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the 2026 tax year.

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Ladies and gentlemen, this is another example when

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I think Chris Boyd is wrong and he's

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actually right.

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Well, this is something new and it's like,

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when does it apply?

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Pretty much everything else with the one big,

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beautiful bill seems to have been implemented immediately.

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So that's why, right?

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In any case, what can happen?

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If I want to give some charitable giving

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about, is it $1,000 for an individual?

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$2,000 for?

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It is.

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This is next year we're talking about.

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For next year, you'll have the opportunity to

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give that and get the deduction in addition

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to all the other benefits that are happening

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with regard to standard deduction and there's some

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seniors get some extra benefits and so forth.

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In any case, this year though, to qualify

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for deducting your charitable giving, you need to

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have, I think you have to, is this

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also this year?

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You have to exceed the half a percent

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of that next year as well.

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I think that's next year as well.

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You have to basically exceed- That is

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next year, yeah.

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Where you have to do a certain amount

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that makes it worth it to do for

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this year.

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You could bundle a number of your charitable

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giving to exceed the standard deduction and make

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it worth doing.

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Next year, what's going to happen is you

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have to not only do that, but you'd

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have to at least have passed a half

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a percent.

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If you're in the top tax bracket, there's

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a limitation of how much you get to

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include in your charitable giving.

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It's a little more complex next year for

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those who might be thinking about doing this

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bundling strategy.

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This year might be a good year to

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bring forward some of that, particularly people in

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the high tax brackets, bring forward some of

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that charitable giving so that all of it

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can qualify as charitable deduction and you can

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benefit from that.

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Again, you want to do an amount that

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would exceed your standard deduction.

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Otherwise, you're going to be better off to

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take the standard deduction.

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A little confusing.

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But in any case, rules are in flux.

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This year, better to bundle if you're thinking

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of doing that kind of thing.

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Definitely better to bundle, especially if it's been

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a high tax year for you and maybe

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you're creeping into a higher tax bracket.

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The point of additional comment on the standard

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deduction or the itemizing, it's not just exceeding

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the standard deduction with charitable donations.

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It may be a year that you have

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other deductions.

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Maybe the property taxes and all those things.

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But maybe this was a unique year for

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you where you had a large number of

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health care.

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Dental implants, hearing aids, hospital stays, all these

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variables.

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Things that you had to pay out of

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pocket, not covered.

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In the unique case that you have those

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and you do charitable giving, bundling could be

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very beneficial.

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We've just articulated the idea that this is

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going to get a little more complex as

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time passes.

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It doesn't get simpler, does it?

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No.

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True.

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It can even be complicated in terms of

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what you give can affect some of the

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variables that are part of the considerations.

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In any case, let's talk generally, though.

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Not everyone is worrying about these issues.

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They're just thinking, I want to give something

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to charitable intentions.

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Boy, it'd be nice if I get a

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tax benefit, too.

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If you are thinking about this as a

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tax planning opportunity, it's worth talking to your

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tax advisor.

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It's worth talking to your financial planner and

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helping you navigate a couple of things.

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One is, how much is enough that I

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get to do more deduction than my standard

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deduction?

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Kind of work into that number, number one.

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Number two, maybe think a little bit about

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what you give.

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If I give cash, that's one possibility.

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But maybe instead, it would make sense to

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give appreciated stock or real estate or some

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asset that's appreciated over time.

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If I keep that asset and someday want

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to use it to spend for my needs,

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I have a capital gains exposure.

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If I give that appreciated asset, just as

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an example, I bought a stock, the XYZ

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stock.

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I own this company.

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These shares of this company.

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And it's gone up from $10 a share

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to $100 a share.

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I did great.

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Now, I've got a lot of embedded capital

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gain in that.

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If I sell it, I've got $90 of

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capital gains I need to deal with.

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And that means 15%, 20% is going

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to the federal government and something to the

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state.

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If your state taxes on capital gains.

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So let's say 20% of that is

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going to taxes.

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Well, if I give that appreciated, my XYZ

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stock or some number of shares, however much

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I want to give to my church charity,

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nonprofit of choice, they receive it at the

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market value.

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I get the deduction.

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It counts toward me, if I want to

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deduct.

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It counts as $100 in that case of

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charitable giving.

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They get the opportunity to take that money

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in full, turn around and sell it.

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They don't pay a capital gains tax the

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way you or I would.

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So they can benefit from that in full

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without any tax consequence.

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I've avoided a capital gain.

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And in the process, I can be thinking

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about some potential for, oh, do I have

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some tax deduction possibilities?

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What do you think of that?

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I think it makes a lot of sense,

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especially if you were making this donation anyway.

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If you were about to support something or

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make some major contribution and you have this

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stock, why not avoid the capital gains if

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you're already giving it?

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Yeah, exactly.

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I think that's the game plan.

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Now, the idea of bundling, sometimes I don't

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necessarily know who I want to give all

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my funds to.

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I just want to draw those charitable deductions.

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Sooner to kind of bring it forward.

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As we said, the rules are changing next

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year.

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Maybe I want to do that sooner.

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A donor advised fund could also be a

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tool that could be utilized.

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Give thought to that.

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If you need help finding out how to

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do that, again, we can be a resource

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as can other organizations like the Cape Cod

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00:12:34,840 --> 00:12:37,840
Foundation, Fidelity, Schwab.

278
00:12:37,840 --> 00:12:42,920
All these have charitable entities, but you can

279
00:12:42,920 --> 00:12:45,600
work with your financial advisor to maybe have

280
00:12:45,600 --> 00:12:49,160
them continue to invest your funds inside of

281
00:12:49,160 --> 00:12:49,480
that.

282
00:12:49,600 --> 00:12:52,220
They're not yours anymore, but you have the

283
00:12:52,220 --> 00:12:58,200
discretion to advise about what happens to those

284
00:12:58,200 --> 00:13:02,040
resources, what charitable intentions they go toward.

285
00:13:03,780 --> 00:13:06,260
But you can work with your financial advisor

286
00:13:06,260 --> 00:13:09,280
to keep it invested for a time and

287
00:13:09,280 --> 00:13:14,280
still grow until you're ready to either give

288
00:13:14,280 --> 00:13:16,480
principal or earnings or whatever it is you

289
00:13:16,480 --> 00:13:18,500
decide is the preferred choice.

290
00:13:18,660 --> 00:13:20,000
You can treat it kind of like a

291
00:13:20,000 --> 00:13:20,720
mini foundation.

292
00:13:21,520 --> 00:13:23,600
I think a lot of people do that,

293
00:13:23,740 --> 00:13:25,460
and a lot of people include their family

294
00:13:25,460 --> 00:13:27,300
members in this, and it can really be

295
00:13:27,300 --> 00:13:31,140
an opportunity to not only be generous and

296
00:13:31,140 --> 00:13:34,500
get a tax deduction all at once, but

297
00:13:34,500 --> 00:13:38,340
it can also be an opportunity to instill

298
00:13:38,340 --> 00:13:43,040
your values and your lessons to your family

299
00:13:43,040 --> 00:13:45,440
by including them in this fund.

300
00:13:45,500 --> 00:13:47,400
And it's not super complicated to set up.

301
00:13:47,800 --> 00:13:48,600
No, not at all.

302
00:13:49,280 --> 00:13:51,260
I agree, and that's one of the things

303
00:13:51,260 --> 00:13:55,180
I really love about it is we talk

304
00:13:55,180 --> 00:14:00,040
about legacy a lot, and oftentimes when we

305
00:14:00,040 --> 00:14:09,820
do that, we're talking about material things, stuff.

306
00:14:11,500 --> 00:14:15,820
But when in reality, for most people, the

307
00:14:15,820 --> 00:14:18,580
legacy they want to leave is more than

308
00:14:18,580 --> 00:14:19,060
stuff.

309
00:14:20,340 --> 00:14:24,700
It's values, it's priorities, it's people.

310
00:14:25,680 --> 00:14:27,240
It's life lessons.

311
00:14:27,500 --> 00:14:28,760
It's a variety of things, right?

312
00:14:29,200 --> 00:14:31,860
And this can be part of that passing

313
00:14:31,860 --> 00:14:34,520
on of values to, let's say, for example,

314
00:14:34,800 --> 00:14:39,020
you have grandchildren and their formative years.

315
00:14:39,200 --> 00:14:46,060
Maybe they're not yet teenagers, maybe teenagers, something

316
00:14:46,060 --> 00:14:46,460
like that.

317
00:14:46,480 --> 00:14:48,820
Could be even younger, but the idea of

318
00:14:48,820 --> 00:14:52,060
saying, oh, so we think it's important to

319
00:14:52,060 --> 00:14:56,920
help others and I want you to help

320
00:14:56,920 --> 00:14:57,880
us make a decision.

321
00:14:58,160 --> 00:14:59,620
How will we help others?

322
00:15:00,100 --> 00:15:03,480
We could help them, people who are homeless.

323
00:15:03,720 --> 00:15:05,240
We could help people who are hungry.

324
00:15:05,400 --> 00:15:07,640
We could help people with scholarship.

325
00:15:08,020 --> 00:15:13,580
We could help support the arts, whatever it

326
00:15:13,580 --> 00:15:17,020
might be, things that you could say, what

327
00:15:17,020 --> 00:15:19,100
do they value, right?

328
00:15:19,100 --> 00:15:23,840
A draw in family, but the idea of

329
00:15:23,840 --> 00:15:27,160
saying, hey, we think this is an important

330
00:15:27,160 --> 00:15:30,720
thing to do, not just to grow our

331
00:15:30,720 --> 00:15:33,040
own wealth, but to help other people.

332
00:15:33,740 --> 00:15:36,740
And as a family, that's a value to

333
00:15:36,740 --> 00:15:38,140
us kind of a thing.

334
00:15:38,420 --> 00:15:40,860
And so here's how we work it.

335
00:15:40,880 --> 00:15:42,840
And then there's some money lessons in that.

336
00:15:43,160 --> 00:15:44,740
Well, we're not going to just give it

337
00:15:44,740 --> 00:15:48,120
all away because we want it to last.

338
00:15:48,120 --> 00:15:50,020
We want to help people over time, not

339
00:15:50,020 --> 00:15:50,760
just once.

340
00:15:51,260 --> 00:15:53,500
So, OK, we're going to take a percentage

341
00:15:53,500 --> 00:15:55,500
of what we have here.

342
00:15:55,760 --> 00:15:56,700
How do we go about that?

343
00:15:56,740 --> 00:15:59,780
You know, things like that and explain how

344
00:15:59,780 --> 00:16:01,940
to think about money a little bit, maybe

345
00:16:01,940 --> 00:16:02,820
in the process.

346
00:16:03,340 --> 00:16:06,980
Maybe there's some discussion about what's happening with

347
00:16:06,980 --> 00:16:09,920
that money when it's not being given, what's

348
00:16:09,920 --> 00:16:12,500
happening to it is invested, right?

349
00:16:12,720 --> 00:16:13,280
I don't know.

350
00:16:13,280 --> 00:16:15,300
You get the idea that there could be

351
00:16:15,300 --> 00:16:18,660
some life lessons in that process and some

352
00:16:18,660 --> 00:16:22,320
values sharing and what you prioritize as to

353
00:16:22,320 --> 00:16:26,200
what's of value to you to be giving

354
00:16:26,200 --> 00:16:29,040
the funds to can be an opportunity to

355
00:16:29,040 --> 00:16:30,340
share with the next generation.

356
00:16:32,420 --> 00:16:34,260
Not always easy, though, I will tell you,

357
00:16:34,340 --> 00:16:34,640
Jeff.

358
00:16:37,280 --> 00:16:39,500
Not everyone, you know, when I've had these

359
00:16:39,500 --> 00:16:43,220
conversations with family about my sister's charitable fund

360
00:16:43,220 --> 00:16:49,280
and, you know, it's kind of like, well,

361
00:16:49,280 --> 00:16:49,980
you're dealing with it.

362
00:16:50,000 --> 00:16:50,300
Thanks.

363
00:16:50,580 --> 00:16:53,900
You know, more so than everybody wants to

364
00:16:53,900 --> 00:16:55,240
contribute an idea.

365
00:16:56,060 --> 00:16:57,840
Of course, you know, you don't want there

366
00:16:57,840 --> 00:16:58,880
to be tension.

367
00:16:59,080 --> 00:17:00,580
Well, I think we should do this and

368
00:17:00,580 --> 00:17:01,880
I think we should do that, you know,

369
00:17:02,280 --> 00:17:09,020
but everyone's very accommodating, I guess.

370
00:17:09,020 --> 00:17:11,020
But, you know, I would love for people

371
00:17:11,020 --> 00:17:12,900
to be a little more like, you know,

372
00:17:12,960 --> 00:17:14,900
I was thinking, what do you think if

373
00:17:14,900 --> 00:17:17,859
we did this and gather support around an

374
00:17:17,859 --> 00:17:18,280
idea?

375
00:17:18,540 --> 00:17:21,800
You know, I had a friend in Sandwich

376
00:17:21,800 --> 00:17:23,060
who was he's passed.

377
00:17:23,140 --> 00:17:25,160
That's why I'm saying was he was an

378
00:17:25,160 --> 00:17:27,060
attorney and he had his own.

379
00:17:27,240 --> 00:17:29,260
He set it up through Fidelity and he

380
00:17:29,260 --> 00:17:30,400
did this family thing.

381
00:17:32,280 --> 00:17:34,260
And what he did was I think he

382
00:17:34,260 --> 00:17:36,140
had I think there were four family members.

383
00:17:36,140 --> 00:17:38,660
I don't remember the makeup of them and

384
00:17:38,660 --> 00:17:39,880
himself and his wife.

385
00:17:40,000 --> 00:17:40,740
So there were five.

386
00:17:41,380 --> 00:17:45,580
So each family member was encouraged to he

387
00:17:45,580 --> 00:17:47,240
shared the same sentiment.

388
00:17:47,340 --> 00:17:49,560
That's what reminded me of him was encouraged

389
00:17:49,560 --> 00:17:51,880
to submit a name or an organization, I

390
00:17:51,880 --> 00:17:54,020
should say, each year.

391
00:17:54,520 --> 00:17:57,580
And the group would make these recommendations.

392
00:17:58,400 --> 00:18:01,880
But the grandparents, I guess the people that

393
00:18:01,880 --> 00:18:04,580
I knew and his wife would decide where

394
00:18:04,580 --> 00:18:05,180
the money goes.

395
00:18:05,180 --> 00:18:08,220
But even if, say, you were one of

396
00:18:08,220 --> 00:18:10,800
the grandkids, even if your choice didn't win

397
00:18:10,800 --> 00:18:14,400
the day, they still contributed a thousand dollars

398
00:18:14,400 --> 00:18:15,520
to any nomination.

399
00:18:15,980 --> 00:18:19,120
So there was a that everyone had a

400
00:18:19,120 --> 00:18:21,080
not only a saying a nice way to

401
00:18:21,080 --> 00:18:21,520
do it.

402
00:18:21,640 --> 00:18:23,200
So there was at least some that went

403
00:18:23,200 --> 00:18:25,580
to the losers of the.

404
00:18:25,740 --> 00:18:26,060
That's right.

405
00:18:26,240 --> 00:18:26,820
The decision.

406
00:18:26,980 --> 00:18:27,680
Oh, I like that.

407
00:18:27,860 --> 00:18:29,640
Thanks for sharing that.

408
00:18:29,660 --> 00:18:30,500
I might steal that idea.

409
00:18:30,500 --> 00:18:33,560
So that was a method that he created

410
00:18:33,560 --> 00:18:34,980
to to have that engagement.

411
00:18:35,120 --> 00:18:36,940
So people show up and have a, you

412
00:18:36,940 --> 00:18:38,520
know, not just a voice, not just the

413
00:18:38,520 --> 00:18:38,900
voice.

414
00:18:39,200 --> 00:18:41,500
Yeah, I really feel like, well, you know,

415
00:18:41,500 --> 00:18:43,320
even if they don't pick it, I'm going

416
00:18:43,320 --> 00:18:44,740
to get to make a donation to my

417
00:18:44,740 --> 00:18:46,180
charity for a thousand dollars.

418
00:18:46,900 --> 00:18:47,600
That's a great point.

419
00:18:47,740 --> 00:18:48,700
Oh, I like that.

420
00:18:49,120 --> 00:18:51,760
Hey, it's also worth thinking about when you

421
00:18:51,760 --> 00:18:55,980
do give to like, you know, whether it's

422
00:18:55,980 --> 00:18:59,520
stock or cash, there may be differences in

423
00:18:59,520 --> 00:19:03,540
how that is treated for how much gets

424
00:19:03,540 --> 00:19:07,920
considered, how much relative to your AGI is

425
00:19:07,920 --> 00:19:09,500
eligible for that deduction.

426
00:19:09,860 --> 00:19:11,920
So I'm speaking lingo.

427
00:19:12,480 --> 00:19:16,980
So if you give a gift to charitable

428
00:19:16,980 --> 00:19:21,340
intentions and you give cash up to 60

429
00:19:21,340 --> 00:19:25,580
percent of your adjusted gross income, which is

430
00:19:25,580 --> 00:19:27,220
a line item on your tax return, you

431
00:19:27,220 --> 00:19:28,920
can see that right on your front page,

432
00:19:28,980 --> 00:19:33,480
your tax return can be used for this

433
00:19:33,480 --> 00:19:34,980
purpose of deduction.

434
00:19:36,320 --> 00:19:40,800
OK, but if you give property or stocks,

435
00:19:41,260 --> 00:19:45,940
it's usually less and how much might differ

436
00:19:45,940 --> 00:19:47,100
from one year to the next.

437
00:19:47,100 --> 00:19:52,140
So, you know, talk to tax planner, talk

438
00:19:52,140 --> 00:19:54,220
to your financial advisor what the rule is

439
00:19:54,220 --> 00:19:54,680
this year.

440
00:19:54,900 --> 00:19:57,580
So we'll leave it kind of abstract like

441
00:19:57,580 --> 00:19:57,800
that.

442
00:19:57,880 --> 00:19:59,820
But and it may be different for different

443
00:19:59,820 --> 00:20:00,620
kinds of holdings.

444
00:20:00,960 --> 00:20:05,640
But so, again, these are some nuanced rules

445
00:20:05,640 --> 00:20:08,000
that kind of factor in before you just

446
00:20:08,000 --> 00:20:09,620
say, oh, that's going to work.

447
00:20:09,780 --> 00:20:11,320
You know, yeah, yeah.

448
00:20:13,720 --> 00:20:15,620
Yeah, if only right when you win the

449
00:20:15,620 --> 00:20:19,600
lottery this week, if you hear there's a

450
00:20:19,600 --> 00:20:22,180
big lottery, I know you're sure you have

451
00:20:22,180 --> 00:20:22,780
your tickets.

452
00:20:22,980 --> 00:20:25,220
Well, I don't buy the tickets, but my

453
00:20:25,220 --> 00:20:29,820
wife is part of a social group and

454
00:20:29,820 --> 00:20:31,000
they have a pool going.

455
00:20:31,400 --> 00:20:32,220
Oh, there you go.

456
00:20:32,380 --> 00:20:33,120
There you go.

457
00:20:33,480 --> 00:20:35,320
So I was going to say I was

458
00:20:35,320 --> 00:20:37,400
I was sure you didn't have tickets in

459
00:20:37,400 --> 00:20:37,880
the lottery.

460
00:20:40,260 --> 00:20:41,560
But but at least it does.

461
00:20:41,800 --> 00:20:42,380
At least it does.

462
00:20:42,480 --> 00:20:44,380
So you still have an exposed to the

463
00:20:44,380 --> 00:20:44,880
opportunity.

464
00:20:45,240 --> 00:20:46,000
You have a dollar.

465
00:20:46,160 --> 00:20:46,640
You have a dream.

466
00:20:46,720 --> 00:20:47,640
I guess it's two dollars.

467
00:20:47,800 --> 00:20:48,420
You have a dream.

468
00:20:48,700 --> 00:20:50,660
Actually, it's for this group.

469
00:20:50,820 --> 00:20:53,700
It's ten dollars, ten dollars, ten dollars each.

470
00:20:53,760 --> 00:20:54,940
I told her I told her I did

471
00:20:54,940 --> 00:20:55,480
the math.

472
00:20:55,580 --> 00:20:56,200
It's a week.

473
00:20:56,300 --> 00:20:57,960
So there's like two drawings or whatever it

474
00:20:57,960 --> 00:20:58,200
is.

475
00:20:58,440 --> 00:20:59,720
Yeah, I did the math.

476
00:20:59,760 --> 00:21:01,400
And I said, so it's five hundred and

477
00:21:01,400 --> 00:21:04,480
twenty dollars a year, you know, and she

478
00:21:04,480 --> 00:21:11,180
looked at me like, I know, yeah, just

479
00:21:11,180 --> 00:21:11,920
go with it.

480
00:21:12,220 --> 00:21:12,360
Right.

481
00:21:12,940 --> 00:21:13,740
I'm fine with it.

482
00:21:13,740 --> 00:21:16,300
I just like to do some math once

483
00:21:16,300 --> 00:21:16,700
in a while.

484
00:21:18,200 --> 00:21:20,100
No, it's it's good point.

485
00:21:20,220 --> 00:21:21,300
Like, I think you have to think of

486
00:21:21,300 --> 00:21:24,580
it as it's it's just for fun.

487
00:21:24,580 --> 00:21:27,260
And it's if you're OK with money spent.

488
00:21:27,420 --> 00:21:27,700
Right.

489
00:21:27,700 --> 00:21:33,080
Yeah, we sometimes, you know, jokingly refer to

490
00:21:33,080 --> 00:21:35,220
it as the voluntary stupidity tax.

491
00:21:35,380 --> 00:21:38,600
But but we still pay that tax pretty

492
00:21:38,600 --> 00:21:41,600
routinely when there's a fun jackpot like that.

493
00:21:41,660 --> 00:21:43,240
But somebody wins.

494
00:21:43,460 --> 00:21:44,960
So it's not impossible.

495
00:21:45,340 --> 00:21:46,740
We're doing our share to help somebody.

496
00:21:48,440 --> 00:21:51,080
Well, so going back to giving.

497
00:21:53,260 --> 00:21:58,640
Tuesday, I was curious, do you have the

498
00:21:58,640 --> 00:22:01,000
same charitable interest every year?

499
00:22:01,120 --> 00:22:04,360
Do you find or do you do different

500
00:22:04,360 --> 00:22:04,660
things?

501
00:22:04,700 --> 00:22:05,820
How do you handle things?

502
00:22:06,180 --> 00:22:08,060
Well, we have certain ones that we support

503
00:22:08,060 --> 00:22:09,020
every year.

504
00:22:09,060 --> 00:22:10,820
Like we have a list of things that

505
00:22:10,820 --> 00:22:12,800
we like to support.

506
00:22:12,860 --> 00:22:15,420
And, you know, we're just regular donors.

507
00:22:17,280 --> 00:22:18,560
But things come along, right?

508
00:22:18,560 --> 00:22:19,180
Yeah.

509
00:22:19,360 --> 00:22:21,600
You get asked by friends or someone who's

510
00:22:21,600 --> 00:22:23,200
involved in a program.

511
00:22:23,380 --> 00:22:24,060
And you say, oh, sure.

512
00:22:24,220 --> 00:22:25,820
You know, I got asked this morning by

513
00:22:25,820 --> 00:22:28,500
what, by the way, our dog sitter sent

514
00:22:29,900 --> 00:22:32,700
presumably all of our client, all her clients.

515
00:22:33,440 --> 00:22:35,580
Her son is in the Civil Air Patrol.

516
00:22:35,640 --> 00:22:36,940
He's in high school and all this.

517
00:22:36,940 --> 00:22:39,100
And he is raising money for Reese across

518
00:22:39,100 --> 00:22:42,180
America for a particular cemetery near their house.

519
00:22:42,180 --> 00:22:44,520
And they're going to, you know, the squadron.

520
00:22:44,740 --> 00:22:45,680
What a worthy cause.

521
00:22:45,780 --> 00:22:46,260
Yeah, right.

522
00:22:46,260 --> 00:22:48,400
The squadron is going to lay the wreaths.

523
00:22:48,560 --> 00:22:50,200
And the squadron of the Civil Air Patrol.

524
00:22:50,440 --> 00:22:50,820
That's right.

525
00:22:50,960 --> 00:22:52,320
So her son is in.

526
00:22:52,400 --> 00:22:53,300
He's a fine young man.

527
00:22:54,160 --> 00:22:55,760
And of course, I mean, of course, right?

528
00:22:55,820 --> 00:22:57,680
Like, yeah, yeah, of course.

529
00:22:57,960 --> 00:22:59,540
I have a I had a high school

530
00:22:59,540 --> 00:23:02,440
classmate who was really engaged in the Civil

531
00:23:02,440 --> 00:23:02,920
Air Patrol.

532
00:23:04,180 --> 00:23:06,580
And I think he became a state trooper.

533
00:23:07,360 --> 00:23:09,560
I think I think I had two and

534
00:23:09,560 --> 00:23:12,300
one definitely went into the military as well.

535
00:23:12,300 --> 00:23:16,600
So I'm very high for people who go

536
00:23:16,600 --> 00:23:20,820
into some type of military or law enforcement.

537
00:23:21,100 --> 00:23:22,480
Yeah, I'm sure it is something.

538
00:23:23,060 --> 00:23:23,180
Yeah.

539
00:23:23,280 --> 00:23:25,040
If you're willing as a 16 year old

540
00:23:25,040 --> 00:23:26,760
to march around in a uniform, I think

541
00:23:26,760 --> 00:23:28,920
you're inclined to go on a path.

542
00:23:29,340 --> 00:23:29,480
Right.

543
00:23:29,860 --> 00:23:32,020
There might be a trajectory there.

544
00:23:33,140 --> 00:23:34,980
What do you have certain ones?

545
00:23:35,100 --> 00:23:35,400
I know.

546
00:23:35,500 --> 00:23:35,820
Yeah.

547
00:23:35,960 --> 00:23:36,200
Yeah.

548
00:23:36,320 --> 00:23:38,700
You know, like just I named a few

549
00:23:38,700 --> 00:23:40,640
of them just that, you know, with who

550
00:23:40,640 --> 00:23:41,560
we had on the show.

551
00:23:41,560 --> 00:23:45,420
I have a few others that I give

552
00:23:45,420 --> 00:23:47,460
modest amounts to every year.

553
00:23:49,020 --> 00:23:51,600
And just there's probably about 10 or 12

554
00:23:51,600 --> 00:23:54,660
that we just we routinely do something for.

555
00:23:55,160 --> 00:23:56,860
And then you have stuff throughout the year

556
00:23:56,860 --> 00:23:58,760
that people ask or whatever as well.

557
00:23:59,000 --> 00:24:01,780
But there's there's really a handful that we

558
00:24:01,780 --> 00:24:04,760
give meaningfully to.

559
00:24:05,100 --> 00:24:09,100
And then the others, we just do a

560
00:24:09,100 --> 00:24:11,360
little bit to support, you know.

561
00:24:11,560 --> 00:24:14,480
But I think the thing I tend to

562
00:24:14,480 --> 00:24:16,260
do and I would encourage people not to

563
00:24:16,260 --> 00:24:18,600
do is put it off to the last

564
00:24:18,600 --> 00:24:19,340
week of the year.

565
00:24:19,520 --> 00:24:21,220
You know, you're in that last trying to

566
00:24:21,220 --> 00:24:23,920
squeeze things in to sending out checks or

567
00:24:23,920 --> 00:24:25,660
these days doing it online.

568
00:24:26,920 --> 00:24:28,840
But, you know, I think it's it's kind

569
00:24:28,840 --> 00:24:30,340
of thing that a little bit of forethought

570
00:24:30,340 --> 00:24:32,000
is probably helpful because you can be more

571
00:24:32,000 --> 00:24:35,720
deliberate and not as, oh, gosh, I meant

572
00:24:35,720 --> 00:24:37,860
to, you know, which is what I'm doing

573
00:24:37,860 --> 00:24:40,020
this year, trying to be a little more

574
00:24:40,020 --> 00:24:42,400
intentional, because I can plan it out.

575
00:24:42,680 --> 00:24:44,780
And, you know, I as I say, we

576
00:24:44,780 --> 00:24:46,420
kind of have a routine, so it's not.

577
00:24:47,620 --> 00:24:50,020
Sure, it's not it's not a big shock,

578
00:24:50,060 --> 00:24:52,560
but just like to do it, we give

579
00:24:52,560 --> 00:24:55,180
to my sister's charitable fund routinely.

580
00:24:56,980 --> 00:24:59,580
You know, as I said, we think we

581
00:24:59,580 --> 00:25:01,300
try to think of themes, you know.

582
00:25:05,220 --> 00:25:07,800
Homelessness, they I think of the United Way

583
00:25:07,800 --> 00:25:10,820
as as something that does a variety of

584
00:25:10,820 --> 00:25:11,060
things.

585
00:25:11,060 --> 00:25:14,460
So it's a lot of catch all the

586
00:25:14,460 --> 00:25:16,280
Red Cross, I think of as sort of

587
00:25:16,280 --> 00:25:19,600
the urgent, you know, if someone suddenly has

588
00:25:19,600 --> 00:25:24,000
a need and the Cape Cod Foundation is

589
00:25:24,000 --> 00:25:28,340
more of a like thematic, like long term,

590
00:25:28,420 --> 00:25:30,460
like investment kind of a thing.

591
00:25:30,680 --> 00:25:32,760
So I like some of what they do.

592
00:25:32,760 --> 00:25:38,240
And then we kind of have changed up

593
00:25:38,240 --> 00:25:43,100
the food insecurity, hunger, the hungry.

594
00:25:43,460 --> 00:25:45,880
You know, I think that one has, you

595
00:25:45,880 --> 00:25:48,800
know, the hunger issues really been highlighted because

596
00:25:48,800 --> 00:25:51,180
of the food prices and then the government

597
00:25:51,180 --> 00:25:51,600
shutdown.

598
00:25:51,880 --> 00:25:54,480
So, yeah, we're happy to support our local

599
00:25:54,480 --> 00:25:55,660
Treasure Coast Food Bank.

600
00:25:55,960 --> 00:25:56,740
They do great work.

601
00:25:56,980 --> 00:26:00,060
And so it's all about what's in your

602
00:26:00,060 --> 00:26:00,360
heart.

603
00:26:00,940 --> 00:26:03,160
Yeah, I think those are all, you know,

604
00:26:03,240 --> 00:26:06,140
the things that drive us, you know, what

605
00:26:06,140 --> 00:26:06,980
speaks to you.

606
00:26:07,420 --> 00:26:07,640
Right.

607
00:26:07,880 --> 00:26:11,020
And what will be impactful in your community.

608
00:26:12,000 --> 00:26:13,180
Those are the things you like to think

609
00:26:13,180 --> 00:26:13,460
about.

610
00:26:13,720 --> 00:26:16,560
So I hate to say this, but be

611
00:26:16,560 --> 00:26:18,760
careful to make sure you know who you're

612
00:26:18,760 --> 00:26:19,500
donating to.

613
00:26:19,680 --> 00:26:20,620
You know, if it's the one that you

614
00:26:20,620 --> 00:26:22,920
always do and you're writing a check and

615
00:26:22,920 --> 00:26:25,140
you feel, you know, not saying to get

616
00:26:25,140 --> 00:26:26,740
paranoid about it, but if you're thinking about

617
00:26:26,740 --> 00:26:29,620
doing something new where you get a link

618
00:26:29,620 --> 00:26:33,340
or something that someone does text you, be

619
00:26:33,340 --> 00:26:35,760
vigilant in investigating it to make sure it

620
00:26:35,760 --> 00:26:38,220
is really what you think it is.

621
00:26:38,320 --> 00:26:41,540
Or maybe if you get a text link,

622
00:26:41,680 --> 00:26:42,980
you know, it's time to donate to the

623
00:26:42,980 --> 00:26:43,340
Red Cross.

624
00:26:43,460 --> 00:26:44,280
And you do it every year.

625
00:26:44,480 --> 00:26:46,120
That's, I support that.

626
00:26:46,160 --> 00:26:47,960
But maybe go to the Red Cross website

627
00:26:47,960 --> 00:26:48,720
yourself.

628
00:26:50,280 --> 00:26:52,220
Because there is a lot of scams out

629
00:26:52,220 --> 00:26:53,560
there related to charity.

630
00:26:53,560 --> 00:26:54,100
Gotta be careful.

631
00:26:54,400 --> 00:26:54,880
You gotta be careful.

632
00:26:54,900 --> 00:26:56,120
So be very careful.

633
00:26:57,880 --> 00:27:00,400
But it's certainly not just click on the

634
00:27:00,400 --> 00:27:01,940
link in an email or something, right?

635
00:27:01,940 --> 00:27:02,380
That's right.

636
00:27:02,500 --> 00:27:03,780
Just be vigilant.

637
00:27:03,960 --> 00:27:05,920
Just be sure that you're doing what you

638
00:27:05,920 --> 00:27:07,860
intended to do when your money gets where

639
00:27:07,860 --> 00:27:08,740
it's supposed to go.

640
00:27:09,800 --> 00:27:12,800
So we talked about, Chris, Black Friday, Small

641
00:27:12,800 --> 00:27:15,280
Business Saturday, Football on Sunday.

642
00:27:15,340 --> 00:27:16,040
We didn't talk about that.

643
00:27:16,240 --> 00:27:17,260
We didn't talk about that.

644
00:27:17,640 --> 00:27:20,040
Cyber Monday, Giving Tuesday.

645
00:27:20,680 --> 00:27:22,780
Do you know there's a new one coming

646
00:27:22,780 --> 00:27:23,280
for Wednesday?

647
00:27:23,720 --> 00:27:24,860
What's Wednesday now?

648
00:27:25,280 --> 00:27:26,060
Weeping Wednesday.

649
00:27:26,280 --> 00:27:26,800
You're broke.

650
00:27:27,960 --> 00:27:28,480
Ha!

651
00:27:30,020 --> 00:27:31,960
You made that up, but I like that.

652
00:27:32,200 --> 00:27:33,380
I did not make that up.

653
00:27:34,060 --> 00:27:36,940
When you said, let's talk about this, I

654
00:27:36,940 --> 00:27:38,940
googled it.

655
00:27:39,060 --> 00:27:42,220
And I asked Gemini for the AI.

656
00:27:42,700 --> 00:27:45,980
And it said, while there's no widely recognized

657
00:27:45,980 --> 00:27:49,180
shopping or charitable name for Wednesday, there is

658
00:27:49,180 --> 00:27:52,460
a growing trend of people calling it Weeping

659
00:27:52,460 --> 00:27:55,740
Wednesday, referring to the day after you've been

660
00:27:55,740 --> 00:27:57,360
giving money to all these different places.

661
00:27:57,720 --> 00:27:58,500
That's awesome.

662
00:27:58,640 --> 00:27:59,100
I love it.

663
00:27:59,280 --> 00:28:00,700
That's why you want to do this in

664
00:28:00,700 --> 00:28:02,500
the context of your financial plan.

665
00:28:03,080 --> 00:28:04,680
The perfect segue there.

666
00:28:05,200 --> 00:28:07,260
If you need help in any aspects, as

667
00:28:07,260 --> 00:28:10,100
we're saying, some of these have complicated rules.

668
00:28:10,280 --> 00:28:11,920
And the rules are in flux as we

669
00:28:11,920 --> 00:28:15,220
talk about the One Big Beautiful Bill, what

670
00:28:15,220 --> 00:28:17,740
applies in 2025, maybe different in 2026.

671
00:28:18,240 --> 00:28:19,820
If you need help, and if you're thinking

672
00:28:19,820 --> 00:28:24,700
about qualified charitable distributions, you really might want

673
00:28:24,700 --> 00:28:27,040
to be thinking about that for 2026.

674
00:28:27,780 --> 00:28:29,720
Which applies only if you're 70 and a

675
00:28:29,720 --> 00:28:31,260
half and older and have an IRA or

676
00:28:31,260 --> 00:28:32,060
an inherited IRA.

677
00:28:33,000 --> 00:28:35,500
That's when you try to think about dealing

678
00:28:35,500 --> 00:28:39,020
with the qualified charitable distribution before you've taken

679
00:28:39,020 --> 00:28:40,600
your RMDs, preferably.

680
00:28:41,360 --> 00:28:44,100
Call your financial planner.

681
00:28:44,500 --> 00:28:47,260
Talk to your financial planner, engage them, your

682
00:28:47,260 --> 00:28:48,600
tax advisor, of course.

683
00:28:49,420 --> 00:28:51,580
And if we can be a resource to

684
00:28:51,580 --> 00:28:52,460
you, we're always here.

685
00:28:53,060 --> 00:28:54,460
Thank you for being with us today.

686
00:28:54,460 --> 00:28:56,980
Until next time, keep striving for something more.

687
00:28:58,400 --> 00:29:00,320
Thank you for listening to Something More with

688
00:29:00,320 --> 00:29:01,020
Chris Boyd.

689
00:29:01,340 --> 00:29:03,500
Call us for help, whether it's for financial

690
00:29:03,500 --> 00:29:07,420
planning or portfolio management, insurance concerns, or those

691
00:29:07,420 --> 00:29:09,460
quality of life issues that make the money

692
00:29:09,460 --> 00:29:10,580
matters matter.

693
00:29:10,940 --> 00:29:14,220
Whatever's on your mind, visit us at somethingmorewithchrisboyd

694
00:29:14,220 --> 00:29:17,380
.com or call us toll free at 866

695
00:29:17,380 --> 00:29:21,060
-771-8901.

696
00:29:21,060 --> 00:29:24,940
Or send us your questions to amr-info

697
00:29:24,940 --> 00:29:26,880
at wealthenhancement.com.

698
00:29:27,140 --> 00:29:29,000
You're listening to Something More with Chris Boyd

699
00:29:29,000 --> 00:29:29,840
Financial Talk Show.

700
00:29:29,960 --> 00:29:32,440
Wealth Enhancement Advisory Services and Jay Christopher Boyd

701
00:29:32,440 --> 00:29:34,780
provide investment advice on an individual basis to

702
00:29:34,780 --> 00:29:35,320
clients only.

703
00:29:35,480 --> 00:29:37,460
Proper advice depends on a complete analysis of

704
00:29:37,460 --> 00:29:38,660
all facts and circumstances.

705
00:29:38,880 --> 00:29:40,740
The information given on this program is general

706
00:29:40,740 --> 00:29:42,780
financial comments and cannot be relied upon as

707
00:29:42,780 --> 00:29:44,340
pertaining to your specific situation.

708
00:29:44,540 --> 00:29:46,540
Wealth Enhancement Group cannot guarantee that using the

709
00:29:46,540 --> 00:29:48,540
information from this show will generate profits or

710
00:29:48,540 --> 00:29:49,640
ensure freedom from loss.

711
00:29:49,640 --> 00:29:52,020
Listeners should consult their own financial advisors or

712
00:29:52,020 --> 00:29:54,120
conduct their own due diligence before making any

713
00:29:54,120 --> 00:29:54,880
financial decisions.