This Memorial Day, The Weatherly team honors those who lost their lives while defending our country. We wish all our clients and community a safe and happy holiday weekend with family and friends. As a reminder, our office will be closed with the markets on Monday, May 27th in observance of Memorial Day.

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Philanthropic Strategies

Philanthropy is a core pillar in Weatherly’s business model – in both the advice that we are providing to clients and the actions that we are taking as a team both in and out of the office. Over the years, we’ve cultivated an intimate environment in which both our clients and communities matter. We welcome you to visit our Culture and Community page to learn more about what our team is passionate about and learn more about our philanthropic advice offerings below.

Donor Advised Funds and Appreciated Stock

A Donor Advised Fund (DAF) is a philanthropic account that allows a donor to make charitable contributions, receive an immediate tax write-off and subsequently grant funds out to charities over time. DAFs are available for clients at most community foundations and large brokerage firms. Weatherly can facilitate opening a DAF at either type of institution and will assist in selecting securities for donation.

What can be donated?

The donor can of course contribute cash, however, one of the main benefits of a donor advised fund is your ability to contribute appreciated securities, both publicly traded and some privately held securities.

  • The donor receives a deduction equal to the fair market value (FMV) of the securities on the day the shares are contributed to the DAF and does not have to pay tax on the unrealized capital gain.
  • The contribution is considered an irrevocable gift and cannot be reclaimed by the donor, this allows the donor to claim the FMV as a deduction on their tax return in the current tax year.
  • The securities are immediately converted to cash by the custodian and held in the account awaiting the donor’s instructions. Monies not granted out can be invested within the DAF.
  • The DAF provides an opportunity to decrease a low basis concentrated position while accomplishing charitable donation goals.

Qualified Charitable Distributions (QCD)

Another high impact strategy for clients over age 70 ½ who are taking their required minimum distributions (RMDs) from their IRA’s is a qualified charitable distribution. The donor is able to shift a portion of their RMD to charities of their choosing. The funds sent to charitable organizations are then not included in the individuals adjusted gross income, therefore reducing taxable income. The key is that the funds must go directly from the IRA account to a tax-exempt organization.

Family Governance

Family governance is a framework that helps families manage joint affairs and unlock philanthropic potential, helping to set expectations within and between generations, provide guidance for grant recommendations and provide a level of accountability for shared family philanthropy. We have experience in guiding families to identify the principles, policies and practices that are most important to them.

*Source: Fidelity Charitable, 2018

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