129: What Women Need to Know About Charitable Giving and Retirement

"There are ways to get some more net dollars to the charity, having a smaller financial impact on your own situation. It just takes a little bit of looking at [your financial situation]." Our hosts Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group tackle the ins-and-outs of charitable giving, and reveal how strategic planning can maximize impact while preserving your financial security. While charities treat all dollars equally (they pay zero taxes), how you give dramatically affects your bottom line! First up, they cover critical 2026 tax changes, including a new above-the-line deduction ($1,000 single, $2,000 married) and an unfortunate 0.5% AGI floor for itemizers. Donating appreciated assets (stocks or mutual funds held over a year) beats cash donations, because you avoid capital gains taxes while deducting the full current value, not just what you paid. Donor-advised funds emerge as timing powerhouses, letting you bunch donations in high-income years while distributing to charities over time. For those 70½ and older, Qualified Charitable Distributions (QCDs) from IRAs offer tax-efficient giving that doesn't count as income. That's crucial for avoiding Medicare IRMAA surcharges and Social Security taxation pitfalls. The 2026 QCD limit is $111,000 per person. Estate planning gets attention, too. Naming charities as IRA beneficiaries saves heirs from devastating tax bills on inherited retirement accounts. Stephanie and Kevin also offer creative strategies involving life insurance policies and charitable trusts. The key takeaway is the importance of consulting professionals early in the year. Tax laws change constantly, and thoughtful planning transforms charitable impulses into maximum impact without jeopardizing your retirement security.   Key Topics: New 2026 Tax Rules for Cash Donations (5:44) Donating Appreciated Assets and Capital Gains (08:08) Donor-Advised Funds: Timing and Flexibility (14:09) Qualified Charitable Distributions (QCDs) from IRAs (18:41) Estate Planning: Beneficiary Designations for Charities (26:05) Creative Strategies: Life Insurance and Charitable Trusts (30:22)   Resources: Women + Roth IRA's – What Should You Be Aware Of? (episode)   If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]   You can find the transcript and more information about this episode at www.takebackretirement.com.   Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.  Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.