Winter 2024

Dear Advisors,

Tax season is in full swing, and we’re honored to work with so many attorneys, accountants and financial advisors who are committed to helping their clients achieve their goals through philanthropy. Every day, we are inspired by our donors, who frequently tell us how grateful they are for the strong working relationship between you, as their trusted advisors, and our team, as a trusted source for community knowledge and charitable gift planning.

As is usually the case early in the year, the first quarter of 2024 is full of opportunities to revisit tax rules and planning techniques related to charitable giving. In this issue, we're addressing three tax-time questions that are top of mind for many advisors, as well as some of the most common scenarios where philanthropy can be a solution for your clients. You'll also read about the advantages of gifting private company interests prior to a sale.

We hope you enjoy this issue, and we welcome your suggestions about topics and resources that would be useful to you as you serve your clients. Please don't hesitate to reach out to me for assistance as your clients consider their charitable giving plans for 2024 and beyond.

Warm regards,

Laura Lederer

Vice President and Chief Development Officer

Akron Community Foundation

330-436-5611

llederer@akroncf.org

P.S. We've heard from many of you that our 2023-2024 Tax & Charitable Reference Guide has made this busy tax season easier. If you haven't yet downloaded your free copy, you can find both the brochure and the wall poster on our website.

By: Robert W. Malone

For philanthropic taxpayers, gifting private company interests prior to a sale is attractive because the charity will pay less taxes on the proceeds than the taxpayer. The value of this technique can be enhanced by making the gift to a donor-advised fund sponsored by a public charity like Akron Community Foundation.

As you meet with clients this tax season, don't forget that Akron Community Foundation can help answer questions on any charitable giving topic, from tax deductibility to the advantages of non-cash gifts. Here are three questions that are top of mind for many advisors, along with answers that can help you serve your clients. 

If you're not already talking about charitable giving with your clients, 2024 is the year to start. Recent studies show 85% of affluent households give to charity, and many of your clients are certainly among them. Take a few minutes to review your client list for these three common scenarios and the related opportunities for charitable giving.

Although there are many ways to cultivate next-generation clients, few touchpoints are as meaningful as philanthropy. After all, in most clients' view, inheritances are about more than money. Learn how the community foundation can help you deepen your relationship with your clients' children and grandchildren.

Make Tax Season Easier With Our Free Guide:

If you would like printed brochures for your office, please contact us.

Family Philanthropy Spotlight: The Steere Family

The Steere family has long been known for its philanthropy in the Greater Akron area. Bill Steere's father, Frank W. Steere Jr., was one of the early recipients of the Bert A. Polsky Humanitarian Award in 1981, and both his parents and grandparents cared deeply about giving back to the community. So, when Bill and Trish Steere began thinking about a plan for their philanthropy, involving Bill's children was key. Bill's sons, Brock and Brian, were born and raised in Akron, and they now help to run Steere Enterprises, a third-generation family business.

Nonprofit Spotlight: Ben Curtis Family Foundation

When Ben and Candace Curtis decided to help tackle food insecurity, they focused on some of our community's most precious assets: elementary school students. Since 2013, the Ben Curtis Family Foundation's Birdie Bag program has ensured that thousands of local students are fed throughout the weekends. Birdie Bags – filled with nonperishable easy-to-make meals, healthy snacks, and toiletries – are given to children in need at regular weekly intervals throughout the school year and during summer break, when food insecurity is highest.

WealthManagement.com

Help Wealthy Clients Pass on Philanthropic Values to Their Children

ThinkAdvisor

10 Must-Knows to Get the Most Out of Charitable Giving

Financial Advisor Magazine

The Single Best Way to Turn Prospects Into Clients

InvestmentNews

Intelligent Charitable Planning: The Next Big Thing in Wealth

Kiplinger

Four Ways to Teach Young Adults How to Manage Great Wealth

ThinkAdvisor

Ed Slott: Expect Higher RMDs in 2024. Here's Why.

Akron Community Foundation

ACF to Host Nonprofit Insights Conference March 21

Akron Community Foundation, University of Akron Foundation Announce Donor-Advised Fund Program

The University of Akron Foundation and Akron Community Foundation recently announced a partnership to provide an innovative donor-advised fund program that allows UA benefactors to maximize their giving in a flexible, but impactful and tax-advantageous way. This partnership will provide a streamlined and efficient option for donors to support the University and create a lasting legacy of philanthropy in the Akron community. Learn more.

ACF Receives Platinum Recognition From Candid

Akron Community Foundation has earned the 2024 Platinum Seal of Transparency from Candid. This is the highest seal of recognition and is awarded to organizations that publicly share detailed records about their financials, strategies and metrics. Visit our Nonprofit Profile to track our impact in the community.

For more charitable giving news and resources you can share with your clients

Taxpayers age 70½ and older can now direct up to $105,000 in distributions from an IRA to a qualified charity in 2024, up from $100,000 in 2023. With the ability to give more in 2024 than 2023, your clients can further reduce income tax via QCDs and satisfy a greater portion of their Required Minimum Distributions. Designated and field-of-interest funds at Akron Community Foundation are ideal recipients of these charitable distributions. To learn more about this giving opportunity, contact Laura Lederer.

Meet Our Professional Advisor Council

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