A LOT OF PEOPLE HAVE BEEN
GIVING AND WILL CONTINUE TO DO
SO DURING BOTH COVID-19 AND THE
RECENT UNREST IN THE TWIN
CITIES.
TODAY WE ARE FINDING OUT
WAYS TO MAXIMIZE YOUR IMPACT
AND DUSTIN SMITH FROM WEALTH
ENHANCEMENT GROUP JOINS US NOW
LIVE VIA SKYPE WITH SOME
ADVICE.
DUSTIN, NICE TO SEE YOU.
GOOD TO BE SEEING YOU.
HELLO.
LET'S TALK ABOUT TIPS.
SOME PEOPLE HAVE WANTED TO MAKE
A DIFFERENCE, WANTED TO DO THAT
FINANCIALLY, IF POSSIBLE.
WHAT SORT OF ADVICE DO YOU
HAVE?
YEAH, I MEAN, FIRST AND
FOREMOST, MOST PEOPLE IN THIS
REGION HAVE BEEN SEEING WHAT'S
BEEN HAPPENING AND REALLY WANT
TO GET INVOLVED.
YOUR FIRST INSTINCT MIGHT BE
THAT YOU WANT TO PHYSICALLY GO
DOWN THERE AND HELP OUT.
I THINK WE ALL NEED TO REALIZE
WE ARE ALSO IN THE MIDST OF A
PANDEMIC.
SO GIVING FINANCIALLY IS
ANOTHER GREAT WAY TO HELP OUT.
I ALWAYS THINK IT IS REALLY
IMPORTANT TO GIVE TO A CHARITY
THAT YOU ARE PASSIONATE ABOUT.
MAYBE IT BE CHILDCARE OR FOOD
SUPPORT.
BUT IF YOU ARE PASSIONATE ABOUT
SOMETHING, YOU ARE GOING TO BE
INVOLVED FOR THE LONG RUN AND
YOU ALSO GIVE.
ANOTHER THING TO BE THOUGHTFUL
OF AND DUE DILIGENCE ON IS, I
THINK IT IS FAIR TO ASK SOME OF
THESE ORGANIZATIONS, WHAT
SPECIFICALLY ARE YOU GOING TO
DO WITH THIS MONEY THAT I GIVE
YOU?
I DON'T THINK THAT IS A RUDE
QUESTION.
AND YOU SHOULD ACTUALLY ASK
THAT.
FINALLY, WHEN YOU'RE DOING YOUR
DUE DILIGENCE, IF YOU WERE
LOOKING TO GET A TAX DEDUCTION
ON YOUR GIFT, YOU JUST WANT TO
VERIFY FIRST THAT THIS
ORGANIZATION IS A PUBLICLY TAX-
EXEMPT CHARITY SUCH AS A
501(C)(3), OTHERWISE YOU MIGHT
NOT GET THAT DEDUCTION.
DUSTIN, THERE ARE WAYS WHEN
YOU GIVE, YOU CAN ACTUALLY
MAXIMIZE WHAT YOU GIVE BY
FINDING OTHERS THAT MIGHT MATCH
YOUR EMPLOYER, FOR EXAMPLE.
WHAT ARE SOME OF THE GOOD WAYS
TO INCREASE YOUR DONATION?
YEAH, YOU KNOW, ONE OF THE
THINGS I THINK IS VERY HELPFUL
IS ACTUALLY GETTING SOME SORT
OF TAX BENEFIT OR TAX
DEDUCTION.
I THINK IT'S FAIR TO SAY WHEN
YOU HEAR PEOPLE LIKE ME SAY
GOSH, IF YOU GIVE MONEY TO
CHARITY, YOU ARE GOING TO GET A
TAX BENEFIT, THAT CAN SOUND
KIND OF SELFISH, I UNDERSTAND
THAT.
BUT IF YOU REALLY THINK ABOUT
IT, IF YOU CAN GIVE MONEY TO
CHARITY AND GET TAX BENEFIT FOR
WHAT THAT ALLOWS YOU TO DO IS
TO GIVE MORE.
THAT IS THE GOAL, RIGHT?
THERE'S A COUPLE WAYS YOU CAN
DO THIS.
ONE OF THEM IS, IF YOU ARE OVER
THE AGE OF 70.5, THERE IS
ACTUALLY WAY THAT YOU CAN GIVE
MONEY DIRECTLY FROM A
TRADITIONAL IRA TO A CHARITY.
IT IS CALLED A QUALIFIED
CHARITABLE DISTRIBUTION.
AND NORMALLY, WHEN YOU TAKE
MONEY OUT OF AN IRA, YOU ARE
GOING TO BE TAXES ON THAT.
HOWEVER, IF YOU CAN GIVE IT
DIRECTLY TO A CHARITY, IT IS A
WAY THAT YOU CAN AVOID PAYING
THAT TAX, WHICH IS A HUGE
BENEFIT TO YOU.
JUST WANT TO MAKE SURE THAT YOU
SET THAT UP CORRECTLY WITH YOUR
TAX ADVISOR AND YOUR FINANCIAL
ADVISOR, BEFORE YOU GIVE THE
GIFT.
BECAUSE IF YOU DON'T, IT MIGHT
NOT TURN OUT THE WAY YOU WANT
IT.
FOR A LOT OF PEOPLE, YOU
KNOW IN THE SITUATION, WE HAVE
SEEN SO MANY GOFUNDME'S POPPING
UP.
AND I THINK YOU KNOW, PEOPLE
SHOULD BE MOTIVATED BY WHY YOU
WANT TO GIVE OR YOU WANT TO
GIVE TO, NOT NECESSARILY BY A
TAX DEDUCTION.
BUT DUSTIN, I THINK A LOT OF
PEOPLE DON'T REALIZE THAT YOU
CANNOT DEDUCT MONEY GIVEN
THROUGH GOFUNDME.
EXACTLY.
NOW IF YOU KNOW THESE PEOPLE,
RIGHT?
YOU HAVE A REALLY GOOD
CONNECTION, YOU KNOW IF YOU ARE
NOT GOING TO GET A TAX BENEFIT,
BY ALL MEANS, HELP THEM.
THAT'S A GREAT WAY TO GIVE THAT
DIRECT GIFT.
IF YOU ARE SOMEONE WHO IS NOT
FAMILIAR WITH THAT COMMUNITY
AND YOU'RE JUST LOOKING AT IT
FOR MAY BE MORE OF A MACRO
STANDPOINT, IT VERY WELL MAY
MAKE SENSE FOR YOU TO GIVE IT A
QUALIFIED CHARITY AS OPPOSED TO
A GOFUNDME, WHERE YOU MIGHT NOT
KNOW THOSE PEOPLE AND WHAT THEY
ARE DOING WITH THE MONEY.
MAKE SENSE.
AND THE BEST WAY TO MAXIMIZE
YOUR EFFORT ALWAYS IS TO HAVE
AN ONGOING RELATIONSHIP, RIGHT?
YES, ABSOLUTELY.
BECAUSE, WE HAVE ALL SEEN THOSE
GREAT PICTURES OF, YOU KNOW,
HUNDREDS OF BAGS OF GROCERIES
IN FRONT OF ORGANIZATIONS.
YOU OH, GOSH, THAT IS GREAT BUT
THE REALITY IS, THAT NEED IS
NOT ONLY GOING TO BE THERE NOW
OR NEXT WEEK, IT IS GOING TO BE
THERE IN JANUARY.
SO TRY TO FIND AN ORGANIZATION
YOU ARE PASSIONATE ABOUT.
STAY CONNECTED AND TRY TO SET
UP AN ONGOING GIFT, SOMETHING
THAT YOU CAN DO HERE FOR THE
NEXT, YOU KNOW, A YEAR AT LEAST