Stewarding Well

Faith and Generosity is a big part of life. At Passage Wealth it drives our decision making.

One of the most fulfilling parts of our jobs is guiding people on their financial journey towards the retirement of their dreams. This also allows us to help people maximize their giving strategy both now and in the future.

Giving strategies to consider throughout retirement planning:

Qualified Charitable Distributions/Required Minimum Distributions – At age 70.5, funds can be given directly from a tax-deferred IRA to a 501c3 through a QCD. Instead of giving money from the checkbook that has already been taxed, you can give money that has never been taxed. Once you hit RMD age, donating un-needed Required Minimum Distributions from the same IRA can also be a great strategy.

Appreciated Stock/Mutual Fund/ETF/Real Estate – Appreciated assets can be gifted without long-term gains being realized. You could immediately receive up to a 30% tax deduction of your adjusted gross income. The appreciated asset can be sent directly to the 501c3 or into an account like a Donor Advised Fund. Unused deductions can have a five-year carry forward on deductions that exceed adjusted gross income limits.

The Scholarship Granting Organization of Indiana (SGO) – The SGO grants scholarships and makes private education more affordable for qualifying families. Individuals and businesses can reduce or eliminate their state taxes by donating to the SGO.

Tax Advantages – When it comes to estate planning, gifting IRAs to charity or Donor Advised Funds avoids all federal state tax both for the estate and charity. Depending on the state, state and local tax could potentially be avoided as well. However, these assets would be taxable to a tax-paying beneficiary. Leaving life insurance, ROTH IRAs, and other nonqualified assets may be tax-free to a tax-paying beneficiary. Most people appreciate leaving their estate to family and charity in a tax efficient way.

We encourage you to reach out to see how some of these strategies might play into your financial plan.

Ready to build a plan that reflects your beliefs?

It’s never too soon to start thinking about your financial goals. Contact us to set up a one-on-one consultation.

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Office: 260-639-6300

Location

14812 First St.

Hoagland, IN 46745

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Investment advisory services offered through Thrivent Advisor Network, LLC., (herein referred to as “Thrivent”), a registered investment adviser. Clients will separately engage an unaffiliated broker-dealer or custodian to safeguard their investment advisory assets. Review the Thrivent Advisor Network Client Relationship Summary, Financial Planning and Consulting Services, Investment Management Services (Non-Wrap) and Wrap-Fee Program brochures for a full description of services, fees and expenses, available at www.thriventadvisornetwork.com. Thrivent Advisor Network, LLC’s Advisory Persons may also be registered representatives of a broker-dealer to offer securities products. Visit Investment Adviser Public Disclosures or FINRA’s Broker Check for more information about our Advisory Persons.

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Passage Wealth and Thrivent Advisor Network, LLC are not affiliated companies.

To access a copy of the TAN Form CRS please visit: https://www.thriventadvisornetwork.com/tan-form-crs-3-2023-pdf

Securities offered through PUrshe Kaplan Sterling Investments (“PKS”), Member FINRA/SIPC. PKS is headquarted at 80 State Street, Albany, NY 12207. PKS and Passage Wealth are not affiliated companies.

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