Charitable Giving | S15 Ep69

Giving back can be personally rewarding—and understanding your options can help make every contribution more meaningful. Charitable giving offers plastic surgeons opportunities to support causes they value while incorporating philanthropy into their broader financial plans. Beyond traditional cash donations, strategies such as gifting appreciated stocks, establishing donor-advised funds, and planning contributions across multiple years may provide additional flexibility and potential tax advantages. Host Diana Yoon-Schwartz, MD, welcomes Ines Lin, MD, an academic plastic surgeon and hand surgeon at the University of Pennsylvania, for a discussion about charitable giving and financial planning. Drawing on her family's experiences, Dr. Lin explains how their approach to philanthropy has evolved as their careers, savings, and financial priorities have changed. Together, they explore donating appreciated securities, understanding charitable deductions, using donor-advised funds, and incorporating giving into long-term family financial planning. Their conversation emphasizes the importance of aligning charitable contributions with personal values while seeking appropriate financial and tax guidance. Topics Discussed Incorporating charitable giving into financial planning Donating appreciated stocks instead of cash Understanding charitable deductions and tax implications Establishing and using donor-advised funds Planning contributions through donation bunching Exploring charitable trusts and private foundations Considering qualified charitable distributions in retirement Building a family tradition of philanthropy Key Takeaways Give strategically. Align charitable contributions with personal priorities and financial goals. Consider appreciated securities. Donating eligible long-term investments may offer tax advantages over selling them first. Understand donor-advised funds. These accounts can support charitable giving over multiple years. Plan the timing of contributions. Grouping donations into one tax year may offer advantages under applicable deduction rules. Explore different giving options. Charitable trusts, foundations, and retirement distributions may support specific financial objectives. Seek professional guidance. Consult qualified tax and financial professionals before implementing charitable giving strategies. Bonus Resources The Plastic Surgery Foundation (PSF) – The charitable foundation discussed as an example of supporting professional organizations through donations. Vanguard Charitable – A donor-advised fund provider referenced during the discussion. Fidelity Charitable – Another donor-advised fund provider mentioned as an option for managing charitable contributions. About Enhance Your Practice Enhance Your Practice is the official practice management podcast from the American Society of Plastic Surgeons (ASPS), featuring conversations with leaders in plastic surgery on practice management, leadership, innovation, and professional development. Each episode delivers practical insights to help plastic surgeons build successful practices and thrive throughout their careers. Explore more educational resources from ASPS at plasticsurgery.org.