“Deduct Now, Decide Later” Works for Clients
In 19 years as a representative for Thrivent Financial, Tom Noon has learned that not all clients understand the benefits of being charitably minded. But they can be taught.
To help gauge clients’ interest, Tom asks them to quantify their desire to leave assets to family or charities on a scale of 1 to 10. It’s not a random question, but rather comes after retirement planning decisions have been implemented. “When their plan is in good shape, we start talking about their legacy,” Tom says.
Tom has found clients respond well when he suggests charitable giving as a mechanism to save money on income taxes. A retired couple inherited several investment accounts with highly appreciated securities. Tom suggested they increase their charitable giving beyond regular donations to their church. “I used the What-if calculator to show them potential tax savings,” he says. And then he introduced the clients to InFaith Community Foundation and the option of starting their own donor advised fund.
Tom’s clients like the “deduct now, decide later” benefits of choosing a donor advised fund for their giving, especially those who have been less consistent with donations or don’t currently support specific charities. He explains how donating now and granting to charities when they’re ready is a good strategy, adding that follow-up appointments include conversations about potential charities.
Tom lists recurring themes both he and clients like about collaborating with InFaith:
- Clients have giving flexibility since InFaith is faith-based, but not faith restricted.
- Navigating processes and paperwork when giving securities is easier with InFaith than dealing with multiple brokerage firms.
- Online access and giving are convenient options not offered by some foundations.
Get Started Today. To learn more about InFaith or consult about specific clients, call InFaith gift planners at 800-365-4172.