Charitable Giving with Jill on Money

CBS News Business Analyst and host of Jill on Money Jill Schlesinger joins us to discuss the benefits of charitable giving. 

Episode Transcript

Speaker 1 (00:00):
And this is West Michigan's morning News Steet Kelly, I
see Brett Bikita, Ladies and gentlemen. We are joined by
CBS News business analyst and host of Jill on Money,
Jill Slessenger. Good morning, Jill. I'm not sure what's going on,
Jill with the usual equipment, but we'll take the phone

(00:20):
anyway we can get you. Jill.

Speaker 2 (00:22):
Oh, that's so nice. You know, drastic measures. The phone
is here.

Speaker 1 (00:28):
Who knew. Let's talk a little bit about can we
start with a donor advised phone. There may be some
changes when it comes to charitable giving when it comes
to your taxes, like in the next year, but this
donor advised fund is something that I just learned about.
And you don't have to be a Carnegie or a

(00:49):
device to take advantage of this thing, right.

Speaker 2 (00:52):
Yeah, this is a very cool rum item because it's
essentially like a way pository, an account that you can
create to give money away in the future. And why
do you need that? Well, first of all, I will
tell you that the thing I love about these funds
is that you make one contribution or many, doesn't matter.

(01:15):
Or you can give stock, you can give bonds, you
can even in some cases you could even give crypto.
I mean, it depends on the donor advised fund where
it's held. But you do that and you take your
tax deduction if you're entitled to one in that year.
But that means you don't have to have to save
all the receipts for all the different places you give

(01:36):
money to, and you put the money in. Let's just
say this year you had a big year, because you know,
radio people make a ton of money. She said that sapaciously, gang.
But let's just say you had a big year, like
maybe even that, like you made a lot of money,
threw some money in an account you bet on technology stock.
They did really well, so it's a taxable account, and

(01:57):
you decide, you know what, this is great all the
money I made. I'm going to take like half of
whatever I made, and I'm going to put it into
this thing called a donor advice fund. So I'm just
going to make up numbers. Let's say that you're like, okay,
I put ten thousand dollars into this fund this year
twenty twenty five. If you itemize your deductions this year,
this counts towards you're itemizing. And also you get a

(02:20):
big tax benefit this year. When you put money that's security,
something that's gone up in value into a donor advice fund,
you're putting you get the value of what the current
market value is for your donation. Right, you don't have
to pay capital gains on that. And your money is
in that account, you can give it away months or

(02:42):
years into the future. So you can take that ten
thousand dollars and sprinkle it out over the next few years.
So if you've had a big year for some reason,
if you want to have like a tidy way to
give money away in the future, Donor advice funds are great.
They are offered through all the major financial institution and
they're really easy to use. And listen, Steve, if you're

(03:05):
going to use one, this is great because I'll hit
you up for my bike ride, my charitable bike ride
next year. We have a link right to any donor
advice fund, So how about that.

Speaker 1 (03:14):
And to me so easily we'll hit you up for
the Turkey drop for Meltrotter Ministries, which is on Wednesday
to help families that wouldn't get a Thanksgiving have one
this year. Well, let's just agree to give each other
one hundred bucks. It's a push and we're out, We're done.

Speaker 2 (03:30):
I do it all the time, but so just so
that's a really good way to give. Also, just a
quick note that people who normally give for charities, especially
at the end of the year, most people don't get
a tax deduction. You have to itemize to get a
tax deduction. Okay, but next year that's going to change.
And I think this is a very under like Basically,

(03:54):
it's undersold in many respects, meaning that I don't think
a lot of people realize it. In that big tax
still that was passed earlier this year, there's a feature
of it where next year, even if you filed with
a standard deduction, you'll be entitled to up to a
one thousand dollars charitable deduction on top of your standard deduction.
So two grand for joint filers one thousand dollars per individual.

(04:19):
So dare I say not to be a grinch about
this year? If you are going to give two hundred
dollars to a couple of different charities for this year,
hold off till January. They'll need the money in January also,
and you'll get a tax deduction for it.

Speaker 1 (04:33):
Well done, Jill Slessingers, CBS News business analyst, host of
Jill on Money.

Speaker 2 (04:38):
Thank you, thank you,