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Episodes by Topic: Charitable Giving
Miracle Hill Ministries Turkey Fry
Mike broadcasts live at the Miracle Hill Ministries Turkey Fry Donation Drop Off. Listen how you can participate in this community effort that provides a feast for people in Miracle Hill’s shelters and in the Upstate. Plus, Mike discusses the results of a survey revealing why people of different ages give.
Listen to the EpisodeTax Efficient Planning
In this episode of Talking Money, Mike answers questions related to tax planning and more:
- Can you itemize deductions? What are the different thresholds for being able to itemize?
- What is “bunching deductions” and how does that work?
- What about using a donor advised fund for charitable giving?
- Why doesn’t it work to put municipal bond funds inside of an IRA?
- How could the increase in gift tax exclusion change what I choose to give to my children?
- What are some ways to set up beneficiaries when you have been married more than once?
- How can you get money from your spouse’s account if they become incapacitated?
- What are some other beneficiary considerations people need to keep in mind?
A Biblical Relationship with Money
What does the Bible say about money? John Dodd, Senior Private Wealth Advisor in the Nashville office of Ronald Blue Trust, joins Mike to discuss how you can develop a biblical relationship with money.
Money is a tool God gives us to grow His kingdom. It is not a source of contentment or a measure of biblical success. We should use it to meet our needs, save for emergencies, and give generously. But what exactly does all that look like?
Looking at three main points and principles:
- God has set eternity in our hearts (Ecclesiastes 3:11). We are hard-wired to find contentment in God alone.
- The eye is never satisfied with seeing nor the ear with hearing (Ecclesiastes 1:8). We seek contentment in the things of this world instead.
- Our God is a jealous god, a consuming fire (Deuteronomy 4:14). God will not compete with money.
Materialism and “keeping up with the Joneses” can entrap and ensnare us. It is not how God has called us to live. Mike and John also discuss several questions and principles to help us become free from the entanglements of materialism and consumerism:
- How should Christians think through financial decisions?
- Is it wrong to have nice things?
- What should we think about tithing?
- When I get an increase in wealth, how should I adjust my standards of living and giving?
Tax Strategies to Think About Now
Alan Cox, Head of Estate/Trust Planning and Estate Settlement at Ronald Blue Trust, joins Mike to discuss some pending legislation as well as some tax strategies you can implement this year.
- There are different provisions provided by the CARES Act, not only for those who itemize, but also for those who can’t itemize deductions. Talk to your tax advisor!
- There are advantages to giving non-cash assets as well.
- One huge tax advantage is giving charitably by using a Qualified Charitable Distribution (QCD) to meet your Required Minimum Distribution (RMD). Make sure you mention this idea and plan to both your financial advisor and your tax preparer.
The Emotions of Retirement, Part 1
Are you emotionally ready for retirement? Mike looks at a recent Wall Street Journal article that proposes 8 questions you need to ask yourself. In this episode, he looks at the first three:
- On Sunday evening, how do you feel about work on Monday? Do you feel dread or anticipation?
- Have you thought carefully about your financial picture? Are you financially independent?
- What do my already retired friends and family think about retirement?
He also answers listener questions and issues:
- How to tell if that email or text telling you your account needs attention is legitimate or if it is someone else trying to scam you.
- With the potential of rising tax rates, should I convert all my retirement accounts to Roth accounts?
- What are my options for giving through a fixed annuity? Can I use a Qualified Charitable Distribution?
- What are some ways to donate assets to a non-profit?
Living Generously Today
Dan Glaze, National Relationship Manager at the National Christian Foundation, joins Mike to discuss the many benefits being generous with what God has given you.
- Is giving via your estate plan really sacrificial giving?
- What exactly is a donor advised fund?
- Are there giving and tax strategies you can implement when selling your business?
- Do financial discussions or issues stress you out?
- Want to get your children more involved in your giving?
- What are some ideas for communicating with your spouse about giving?
Mike and Dan discuss all these areas and more!
Listen to the EpisodeInterview with Ron Blue
Mike interviews Ron Blue, the founder of Ronald Blue Trust and author of several books on biblical financial management.
They discuss Ron’s background as a CPA and what led him to start Ron Blue & Co, that eventually became Ronald Blue Trust. They also discuss some of the financial advice and wisdom they have gleaned over the years:
- Materialism isn’t only a first world problem.
- Asking, “how much is enough?” when setting up a financial plan.
- The benefits of being generous now.
- “If it’s true, it’s not new; if it’s new, it’s not true.”
- You can’t feel financial independence.
- Contentment is a choice.
They finish by talking about some of the other organizations Ron has been influential in starting: Kingdom Advisors and the Ron Blue Institute.
I Timothy 6:17-19 “Instruct those who are rich in this present world not to be conceited or to fix their hope on the uncertainty of riches, but on God, who richly supplies us with all things to enjoy. Instruct them to do good, to be rich in good works, to be generous and ready to share, storing up for themselves the treasure of a good foundation for the future, so that they my take hold of that which is life indeed.”
Listen to the EpisodeListener Questions: Answered
In this episode, Mike answers a variety of listener questions:
- What about helping the homeless veterans or other people out begging on the roadside?
- My mutual fund has some Puerto Rican funds in it. Should I be concerned? Should I trade out of that fund?
- Should I look at transferring some of my employee stock ownership plan (ESOP) into an IRA?
- How does using a Qualified Charitable Distribution (QCD) affect my Adjusted Gross Income (AGI)?
- What are some of the considerations for the Required Minimum Distribution (RMD)?
- What about using a Donor Advised Fund?
- I am just generally concerned about the current state of the stock market, should I sell everything and move to cash only?
Highlights: Non-Cash Giving Ideas
Highlights from show aired April 25, 2020.
What are some ways you can give to your favorite charity without opening your checkbook? How does knowing your financial “finish line” help you determine your giving capacity? Did you know you can donate part of your business assets, even before the business is sold?
Daniel Hicks, charitable gift and estate planning attorney with the National Christian Foundation (NCF), joins Mike to discuss some creative and tax-efficient ways to give to your favorite charity.
For more information on the National Christian Foundation, click here.
Listen to the EpisodeSelling Your Business? Unique Gifting Techniques You May Want to Consider First
Business owners take notice!! Listen in before selling your business! Daniel Hicks, Gift Planning Attorney with the National Christian Foundation joins Mike to review several unique gifting techniques.
For more information on the National Christian Foundation, click here.
Listen to the EpisodeSponsored By:
