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Episode 14: Giving Thanks

Episode 14: Giving Thanks

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 Wit, Wisdom, and What Matters Most Podcast Episode 14 Giving Thanks Kyle: Investment advisory services offered by Moneta Group Investment Advisors, LLC, an investment adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The information discussed in this podcast is for informational and educational purposes only. You should consult with an appropriately credentialed professional before making any financial, investment, tax, or legal decision. Past performance is not indicative of future returns. All investments are subject to risk of loss. And welcome to another edition of Wit to Wisdom and What Matters Most. It is a podcast by Moneta’s Gast Freeman Troyer Racen Team. My name is Kyle Luetters, an advisor on the team, joined by Danton Troyer, one of the partners. Danton, we are literally falling into the back half of this year and really the back two months. It is holiday season, and we wanted to take this edition of the podcast to talk about things that we’re thankful for. Thankful for you, thankful for this podcast, but in addition to that, it also really causes us to think about maybe giving, especially this time of year, you’ll start to see maybe some more requests for giving. And we wanted to touch on a couple of things as we get to this part of the year about maybe some ways that folks could do some gifting and giving, so we’ll just kind of dive on into that. But as clients continue to grow, charitable giving really seems like it’s one of the most fun and most rewarding things that clients get to do with their money. Danton: Yeah, and I think we’re seeing more people put more thought into it than we ever have in the past. You know, churches are always a big recipient of donations, and that’s certainly not the easy button, but I mean, people are affiliated with the church, they kind of know where to go. But then beyond that, they want to have an impact, and it’s not just, you know, donate to United Way; they do great things, but they want to have their own personal impact, and how are they evaluating that? I think it’s changed more so, especially over the last several years, I’ve seen more and more people want to be more involved. Kyle: They want to be more involved, and then giving really speaks to causes or even stories that are deeply personal. You know, if you’re a cancer survivor, there may be an organization that targets the type of cancer that you survived, or there may be an organization that really did a lot of good for your children. There’s one couple that I’m aware of that they love Shriners Children’s Hospital because of what Shriners has done for their child, and they tell all of their friends, this is what this organization did for us. But you know, there’s obviously the emotional side of giving, but then there’s also, too, a mechanical tax-efficiency side, a financial side to giving, if you will. And we wanted to go over a few of those ideas and those topics today, so really, you know, the place for anyone to start with charitable giving is as a cause that speaks to them. You know, first and foremost, there’s got to be a desire because you are parting with these dollars, and the intention, your hope, is these dollars go to further that cause’s mission and their goals. Beyond that, then we start to get into the weeds and start to get more to the technical side of how all this works. And so one of the things I wanted to bring up first and foremost is donor-advised funds. So up until maybe a handful of years ago, there was this thought that if we were going to do maybe some large gifting or some ongoing gifting that maybe like a family foundation or something like that would be the thing that we have to have. But really, donor-advised funds have kind of come onto the scene here lately, and they’ve really opened up a lot of opportunity for a lot of folks. Before we get any deeper in the weeds, do you want to kind of go over what the concept of a donor-advised fund is, kind of what it is and how it works? Danton: Yeah, I think just to keep it at a high level, it allows folks, I think historically everyone thought you needed to be millions upon millions of dollars to start, quote-unquote, your trust to potentially help these charities. But now they simplified that process and administration, especially the administration, so you’re able to contribute dollars into this account, and you still get to direct those dollars to the charity that means the most to you, or charities as well, but it doesn’t have to be given right then. So you’re allowed to take those dollars, invest them, and let that grow and basically create a fund to support the charities that mean the most to you and have a greater impact for a longer period of time, potentially. Kyle: These are fantastic vehicles. There’s a number of conversations we’re having with clients right...
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