Brush off the end-of-year charitable checklist

Faith and Finance |

It's a perfect time to review your finances

At the end of the year, the time is ripe for many activities, like family get-togethers, church events and Christmas celebrations. It’s also a good time to squeeze in financial, tax and charitable reviews.

Here is a short checklist of items to think about before Dec. 31:

  • Visit your attorney to update your will or trust if you have moved to a new state, got married or divorced, given birth or adopted children, received an inheritance or other money or had a change of plans.
  • Review and update beneficiary designations on all retirement accounts and insurance policies.
  • Check to see that you have important documents in place, including durable powers of attorney, health care powers of attorney and advance directives.
  • Review and make any changes to guardians for minor children.

Tax strategies through giving

Now is also a good time to review your tax situation and see how charitable giving may be beneficial. A few examples include:

  • Cash gifts - Make a gift of any amount and receive an income tax deduction this year.
  • Appreciated asset gifts - Avoid capital gains tax on the sale of your assets by giving your stock or real estate to charity. Save on taxes with a charitable deduction.
  • Charitable gift annuities - Make a gift, receive payments for life, and benefit from tax advantages. You can give cash, securities or other assets.
  • Other gift plans - Many other options are available depending on your situation.

Learn more about how to make the most of your charitable giving.

Here to help you make it happen

Everyone’s financial situation is different. A trusted advisor or representative can help you see what’s right for you. When donors make a gift through Everence Charitable Services, they are relying on a trusted, donor-advised foundation that offers flexibility, multiple charitable recommendations and other advantages.

Contact your Everence representative to get started. If you don’t have one, contact your nearest office or call (800) 348-7468.

Everence Charitable Services is administered by Mennonite Foundation or Everence Trust Company, affiliates of Everence.

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Everence staff