When your clients are generous, continuously striving to serve their church and community, do you ask them about giving even more?
That question was on Financial Consultant Jim Johnson’s mind when encouraging his clients, Steve and Bev, to consider more strategic charitable planning. He knew they could benefit from making an even bigger impact than they already were.
Steve recalled, “I resisted when Jim talked to us because we were supporting many charities already.” Then Jim asked, “When you pass away, what will happen?” The question changed their conversation.
“It’s all about presenting options,” Jim said. “When you see their eyes light up, you can go deeper to explain what those options can mean.”
Steve and Bev liked the possibility of supporting charities after they die, but they weren’t ready to make decisions, even after Jim introduced them to the solutions Thrivent Charitable offers.
Bev recalled, “Sometimes you have to process the information, think it through and even hear it again.” And then a health scare prompted the couple to take action with a
With a QCD, there is no tax deduction, but rather the client avoids recognition of the taxable income from the distribution from their traditional IRA. The client pre-selects charities to receive grants from the non-advised fund and cannot change their mind (they may also name a contingent charity in case a designated organization no longer exists).
With clients who are looking for tax advantages, QCDs may help put several to work for them, including potentially:
- Reducing IRA balances before RMDs begin at 73 (vs. QCDs at 70-1/2).
- Bypassing federal and state income taxes.
- Reducing taxes on Social Security benefits.
More solutions for clients
Jim looks forward to hearing from gift planners at Thrivent Charitable. “I always learn something new every time I hear them talk. Listen to what they have to say and apply it to your clients.”
Contact our team of gift planners to discuss unique solutions for your clients.
This donor’s experience may not be the same as other donors and does not indicate future performance or success. Payout rates, charitable deductions and other benefits vary based on a number of factors.