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New Charitable Contributions Strategy For Minimizing Taxes Using Your Required Minimum Distributions

Did you know that the way charitable contributions are claimed for retirees is changing?

With the new tax plan in place, many people could soon lose the tax advantages of their charitable contributions.


Just check out this article: under the Trump tax bill, you’ll probably stop itemizing your deductions (http://nymag.com/daily/intelligencer/2017/11/under-the-trump-tax-bill-itemizing-deductions-will-drop.html)

But don’t fret, we have a strategy for retirees so they can most likely still get the tax deduction.

It all comes down to the way you take your RMD.

In this video we explain the strategy, so let’s dive in.

Let’s recap:

  • Remember this only works if you don’t receive the money directly,
  • Talk to your advisor and tax planner to see if this is possible for your situation.
  • If it is, make sure you coordinate your RMD with your custodian (who holds your investments) to tell them how you want your RMD’s distributed.

If the new tax plan has gotten you worried that it might negatively affect your retirement then we recommend you meet with your advisor and tax planner to see what options you have.

It’s better to know and have a plan than wait until it’s too late. So take action now.

Like always, if you’re facing retirement and need a second opinion learn about what makes us different, we’ll audit your entire strategy to make sure you have the right tools to make your retirement as low risk as possible and still drive in a good income.

And if you want a further dive into some of the biggest risks with retirement planning then check out our webinar or download our ebook on taking income in retirement.