Washington County Weekend Post

FINANCIAL GMTODAY.COM SUNDAY, DECEMBER 8, 2019 • WASHINGTON COUNTY POST • 3A *Securities and investment advisory services offered through Woodbury Financial Services, Inc. (WFS), member FINRA/SIPC. WFS is separately owned and other entities and/or marketing names, products or services referenced here are inde- pendent of WFS. Neither Woodbury Financial Services, Inc. or it's representatives or employees provide legal or tax advice. Timothy M. Reis*, LUTCF Financial Advisor 4524 Dollar Drive, West Bend, WI (262) 338-0018 www.reisfs.com ❖ Estate & Tax Analysis ❖ Retirement Planning ❖ 401k & IRA Rollovers ❖ Asset Preservation ❖ IRA's & Roth IRA's ❖ College Savings Plans ❖ Income Planning Strategies ❖ Complimentary 2nd Opinions Focusing on: 263208003 Seniors can give safely and successfully People often gain a greater sense of purpose and happiness after giving to charity, and seniors are no exception. According to a study from Merrill Lynch and Age Wave, today's retirees are almost six times more likely to define success by generosity than their wealth when com- pared to seniors of yesteryear. Seniors' eagerness to give makes them prime tar- gets for charity fraud. Giv- ing in retirement while avoiding fraudsters is chal- lenging, but seniors who recognize their vulnerabili- ty can reduce their risk of falling victim to criminals. Research before giving To ensure a donation will be spent in the way it was intended, seniors should thoroughly research organizations before becoming donors. One of the first places to start is Charity Navigator. A 501(c)(3) public charity, Charity Navigator has been steering the public in the right direction regarding charities since 2001. Their analysts research thou- sands of financial docu- ments, rating charities on accountability, transparen- cy and performance, among other criteria. Individuals also can research charities by get- ting recommendations from friends and family, as well as learning about organiza- tions through the Better Business Bureau. Online rankings and scam alerts can help with decision- making as well. Don't feel pressured High-quality charities do not need to resort to pressure tactics to solicit funds. Similarly, individu- als should not feel put upon to donate because of gifts received in the mail. Such gifts commonly include note pads and return address labels. Seniors should make donations based on how they feel about a particular charity and the difference they want to make. Be aware of sound-alike charities Some fraudulent chari- ties like to piggyback on the success of reputable orga- nizations. They may oper- ate under names that sound similar to legitimate charities or create business logos that are nearly identi- cal. People should not be fooled by these tactics. Explore all the ways to give Seniors can give back in various ways. Charitable gift annuities and charita- ble trusts are great ways to give, and seniors can even donate senior discounts through a giving site called Boomerang Giving. Seniors also can volunteer their time. Donate directly Contact a charity direct- ly to donate instead of using a middle person or unconfirmed entity on the phone. Use a credit card or check so there is a receipt of the donation. Opt out of information sharing Donating to one charity should not result in a del- uge of solicitations from others. Individuals should tell a charity they do not want their personal infor- mation shared. This also helps to reduce the risk of being contacted by bogus charities. Seniors who give to charity reap many rewards. But safeguarding one's finances is of paramount importance when donating to charity. Charitable giving and taxes Many people donate to nonprofit organizations and other philanthropic groups out of a personal desire to do good for others. Such charitable giving can improve the lives of others and may make donors eligi- ble for tax deductions. According to the U.S. Internal Revenue Service, donors may deduct charita- ble contributions of money or property made to quali- fied organizations. These generally include religious and veterans organizations, nonprofit groups qualified under section 170(c) of the Internal Revenue Code. In the United States, the IRS states one generally may deduct up to 50 percent of adjusted gross income, but 20 percent and 30 per- cent limitations apply in some cases. Giving can constitute cash and non-cash dona- tions. For example, deduc- tions for donations of cloth- ing and household items that are in "good condition or better" may qualify donors for tax deductions. Donors are advised to bring items to reputable charities that will issue a receipt for their value. An appraisal may be requested for more expensive items. All donations require a paper trail and proof of charitable contribution. While these receipts need not be submitted at the time of filing, they should be kept for five years in the event they are subjected to review. Charitable giving has many benefits, including feeling good about oneself, helping the less fortunate and the financial reward of qualifying for some tax breaks.

• Cover