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By Bob Barber, CWS®

Did you know that cash assets only represent a small portion of the United States? When most of us give, we only give out of our cash assets from our bank accounts. There’s a reason cash is the most common form of giving. 1) It’s easy; 2) Charities ask for donations in this way; and 3) It fits our model of giving. However, there is so much more to consider if you want to devise a smarter giving strategy.

These two pie charts via IRS Statistics are great examples of representing how assets are given and owned:

[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=”1/2″][vc_single_image image=”11447″ img_size=”full” alignment=”center” onclick=”link_image”][/vc_column_inner][vc_column_inner width=”1/2″][vc_single_image image=”11448″ img_size=”full” alignment=”center” onclick=”link_image”][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text]Most of our wealth is actually held in non-cash assets at almost ninety percent! Even though this is the case, the other chart shows that we are giving out of our minimal cash assets. Because of this, our donations are being taken out of a surprisingly small percentage of what we actually own. The result? We are wasting money on taxes and missing opportunities.

RECOGNIZE YOUR GIVING POTENTIAL

We have so much more charitable giving potential than what we recognize. Here at Christian Financial Advisors®, we want to help you pinpoint and utilize this potential by guiding you in creating a successful giving strategy to allow you to become a wise steward of your assets, while experiencing the true joy of giving. As Matthew 6:20-21 states, “Store up for yourselves treasures in heaven…for where your treasure is, your heart will be also.”

IN ADDITION TO CASH, CHRISTIAN FINANCIAL ADVISORS CAN HELP YOU GIVE:

– Publicly Traded Securities

– Intellectual Property

– Closely Held Businesses

– Life Insurance

– Real Estate

– Loan Notes

– Limited Partnerships

– Mineral Interests

– S-Corporation Stocks

– LLC Interests

Generous people may increase their giving potential by converting tax dollars into giving dollars when they give from non-cash assets.

WE ENCOURAGE YOU TO ASK THE FOLLOWING QUESTIONS:

What do I give?

What do I own?

Would a smarter giving strategy help?

Could I pay less in tax by giving more wisely?

Are you ready to discover your giving potential? Contact Christian Financial Advisors® by calling 830-609-6986 or emailing us at info@ciswealth.com. We would love to schedule a meeting by video chat or speak with you on the phone.

* This does not constitute nor does Christian Financial Advisors® provide legal or tax advice. You should consult professional advisors concerning the legal or tax consequences of your charitable activities.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row top=”20px” bottom=”20px”][vc_column][vc_column_text]

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[vc_row top=”20px” bottom=”20px”][vc_column][vc_single_image image=”9648″ img_size=”Full” alignment=”center”][vc_row_inner][vc_column_inner][vc_column_text]By Mary Jo Lyons, CFP®

Give and it will be given to you.
Luke 6:38

It’s that time of year when giving is on our hearts. Year end is typically when most people finalize their charitable giving. This year the Holy Spirit has moved me to explore giving and understand the many nuances associated with it. What I have confirmed is that generosity is the key to happiness.

A lot is changing in the landscape of philanthropy and charitable giving. Below are some highlights from the recently released Giving USA 2018: Annual Report on Philanthropy for the Year of 2017*.

* USA Foundation, in partnership with IU Lilly Family School of Philanthropy

We are in the midst of a multi-trillion-dollar intergenerational transfer of wealth. Gen Xers and Millennials will be inheriting this wealth at the same time they are reaching their peak earning years; building even more wealth. Women in the U.S. now control more than half of the total personal wealth in the country. In addition women are now the primary breadwinner in nearly 40% of US households.

The wealthy not only want to give more they want to be knowledgeable about who and what they are supporting. Many give anonymously but others are very public with their giving. They are building brands, spending time, energy and money on issues they care about. With that comes high expectations. Many newly wealthy enjoy the celebrity of championing causes.

Givers want to feel that they are a part of something, part of a larger community. We are drawn to causes that have clarity of mission, transparency, community and tell a great story. Mission and vision are important. Tools are improving as well. Planned giving is becoming a real thing. Growth of donor-advised funds (DAF) is a gamechanger enabling people to give, when the timing is right for them. It’s like your own personal giving fund.

We live in a culture of stuff, more stuff, bigger, better, fancier, newer … you get the picture. As we are looking to downsize in order to make Rockport our forever home I am becoming all too familiar with stuff. It’s not all it’s cracked up to be. In our 20s, 30s, and 40s it’s all about stuff, accumulating stuff. Our 50s are more about living life and creating experiences. Our 60s become about offloading stuff and simplifying our life. We say hindsight is 20 / 20 and if I had it to do all over again I would give more and accumulate less.

Is one of your legacy goals to leave something to the next generation or generations? Have you ever thought that they might not be properly prepared to receive it? Check out my Podcast Christian Financial Perspectives, Episode 4, Estate Planning: The Wrong Way, The Right Way at www.christianfinancialperspective.com or on iTunes, GooglePlay or Stitcher. You just might find guidance to answer some of those questions.

Recently I heard an interview with David Green, CEO of Hobby Lobby. In his words…

“God has led him on a lifelong journey toward generosity, humility, and family unity in the midst of great business success.”

He shared that his company belongs to God and they don’t own it, they are simply stewards of what God has provided. He had a great fear that his heirs might not be properly prepared to deal with inheriting significant wealth and they should not receive anything they didn’t work for.

If you are a giver and interested in celebrating generosity ask me about hosting a Journey of Generosity. This is an overnight experience with your peers, your friends or even your family discussing the generous life. The host is someone who wants to encourage a conversation about generosity amongst friends and the event is guided by a Generous Giving facilitator. It’s an opportunity to explore the life-changing message of generosity and the power it has to bring, joy, freedom and purpose to your giving.

If you are looking for help setting a giving goal, creating a personal giving plan or just want to learn more I am here to help.

Say “Yes” to God. When our giving glorifies God it’s a win win, a win for you and for the Kingdom.

For God loves a cheerful giver.
2 Corinthians 9:7

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You May Be Able to Give More than You Ever Thought Possible

I meet people everyday who say they have very little left to give to the ministries they care deeply about. It’s not that they don’t want to give more, but they have limited cash from which to give. There is a deep misunderstanding that giving can only be done from what’s in a checking or savings account, yet most people have no more than 6-10% of their net worth in cash.

Planned Giving is the process of making significant charitable planned gifts from the other 90%-94% of non-cash assets that one owns. It is the giving of non-cash assets during life, or at death, that become part of a complete financial and estate plan. With planned giving, an entirely new world of possibilities opens up to fund the ministries you care deeply about since it is not based on the small percentage of net worth sitting in cash.

Planned giving is methodical, well thought out in advance, and is usually deferred to a trigger date or event. This trigger event may be the sale of a large asset such as real estate, highly appreciated stocks, a business interest, or when a believer goes to be with with the Lord. Planned giving does not affect your present lifestyle.

Using an estate plan as part of a planned giving strategy can be very efficient. Most people never think about including their favorite ministries as a partial beneficiary of some of their estate plan, in addition to their children. One of the reasons is many attorneys never mention planned giving when they are drafting a will and other estate planning documents.

An Estate consists of:

 

Any of these assets can be chosen to benefit your favorite ministry(s) after your demise to help further its long term mission. A few of my favorites for tax purposes is giving what’s left in an IRA, annuity, or business interests to a charity instead of the children, because they would have to pay income taxes on these types of inherited assets. A charity doesn’t have to because of their tax exempt status.

In reference to children and inheritance, if they love the Lord they will, or should, be joyful you are including your favorite ministries as part of your overall estate plan. Speaking from experience, my wife and I included charities as 20% of our estate plan and our children think it’s great.

If you would like to learn more about helping your favorite ministries and leaving a legacy with planned giving, contact myself or Pat Hail at 830-609-6986. We offer a complete team approach including an attorney, CPA, Certified Wealth Strategist, and Planned Giving Specialist to assist you in your unique giving journey using non cash assets.

[vc_row top=”20px” bottom=”0px”][vc_column][vc_column_text]Most high income earners lose the ability to take many tax deductions because the tax laws are tilted so unfairly toward them, contrary to popular opinion. The statement we’ve all been hearing from politicians and most media sources for years that the “wealthy don’t pay their fair share of taxes” can easily be disputed by simply looking at any IRS income tax table and doing the math.

It always amazes me how many high income earners I give advice to who are not using every available legal tax deduction to help offset the enormous tax burden our government puts on them. This is because many tax preparers seem to be reactive versus proactive when it comes to tax saving strategies.

For this reason, all year long I give away a tax saving report that I update annually with 27 tax saving tips. Many times I’ve seen the tax tips in this report save someone thousands of dollars in income taxes when they started using them.

Don’t worry, none of these tips are illegal or overly aggressive and should not cause any legal concerns. To get your free report call the office at 830-609-6986 and we can either email or mail you a copy.

Check out these other March/April Newsletter topics:

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As you get closer to the finish line of life, it’s important to start thinking about your wealth distribution in three different ways. (more…)

THE DONOR ADVISED FUND

Last week I introduced a tool for leaving a financial legacy called a donor advised fund. I also shared three scenarios where a solution for leaving a financial legacy was needed. In all three of these scenarios, a donor advised fund may be used to more efficiently accomplish short and long term giving goals while creating a legacy of giving. Below, I are two examples that could work for the three scenarios I went over last week.

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Do you want to leave a financial inheritance or a financial legacy? For what do you want to be remembered? For the temporal material possessions a financial inheritance could buy for your children? OR, the eternal value a financial legacy could provide for God’s Kingdom as well as to your children, grandchildren and great-grandchildren?

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In parts one and two of this series, we discussed in detail why we should give. I encourage you to go back and read the previous posts in the series. Last week we started on how to give financially, thinking beyond just giving from what’s in your checking or savings account. I’ve included the chart on financial giving once again since most of us never think about the other 90% of our assets that we can give from.

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Last week I began a new series on Creative Giving and covered Part 1 of “Why do we give?” In this series I really want to challenge you to think differently about giving. Everything we have accumulated over the course of our lives can be used strategically for a positive impact now and after we’re gone.

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For the next several weeks I will be focusing on creative giving. First, I will lay out the foundation of the “why” to give and later share the “how” to give from what God has entrusted to us. In this series we will explore how we can go beyond giving just the cash in our bank and savings accounts. Everything we own or have accumulated over our lives can be used strategically for a positive impact now and after we’re gone.

(more…)