True wealth is found no place else but in the joy of giving. Look past your fears and start positioning for the opportunities that lie around the corner. Now is the time to take the perspective of sufficiency instead of deficiency.

As a society, we can shelter in place – technology at our fingertips, and food delivered at our doors. As we don a daily attitude of gratitude, we can free ourselves to share with moxie and momentum.

What we do now to utilize our character strengths as well as appropriate our financial assets will usher in happier, fulfilled, and changed families, communities, and world. YOU have the opportunity to co-create what is next.

Yes, our health care providers are on the front line of this challenging time, but many others are also stepping up to serve. Those with financial resources to share are being called on in ways that may take them out of their comfort zones.

Everyone has a vital part to play in unfolding solutions, and non-profit organizations are critical, strategic partners. They need your continued, generous support.

ReFUND and QCD – What Are They?

As you look at how to best share your financial resources right now, there continue to be creative, strategic ways to do so. If you have not filed your taxes yet (you now have an extension until July 15th, 2020) consider ReFUND.

The SECURE act changed the timeline to start taking your required minimum distributions (RMD). For anyone turning 70 ½ in 2020, you do not need to take your RMD until age 72. However, if you turned 70 ½ last year or before you need to continue to take it annually.

The amount you need to withdraw is based on the account value of your IRA on 12/31/2019. If you have several IRAs, look at their overall total amount. With current market volatility, you could take your entire RMD from the most conservatively positioned portfolio.

As part of your giving plan, you could utilize the Qualified Charitable Distribution (QCD). Contact your advisor or custodian and request that they send your RMD to a qualified 501C3 organization directly.

This keeps the income off your 1040. Since many people are using the standard deduction now rather than itemizing, this will keep your taxable income lower.

Just Give

Write a check or transfer funds from your Donor Advised Fund. It is simple – just do it. Many times we hold back because of accountability, or desire to make sure it is going where intended.

This is unchartered territory, and we are banding together to help – all hands on deck, dollars on the table. Yes, be wise about where you give and how you do it – but do it.

This pandemic has created the great equalizer. It impacts every man, woman, and child, regardless of color, creed, political affiliation, or economic standing. We have a moral imperative to co-create a new and better world.

Giving generously to causes and organizations as well as your neighbors is no longer a luxury of abundance but an expression of sufficiency. Talk with your financial life advisor to discern the best, tax efficient, and productive ways to give.

As a final note, please make sure any organization you approach is trustworthy. Many scams circulate in the world today, trying to take advantage of those who want to help the most needy in our community. Be vigilant and take time to thoroughly research an organization before opening your wallet.

How do you manage donations in hard times? Do you have a mindset of sufficiency or deficiency? Which organizations do you support by volunteering, and which ones do you support financially? Please share with our community!

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