Local financial advisor discusses charitable giving amid economic challenges

MILWAUKEE (CBS 58) -- Despite economic pressures, around 70% of people who donate to charity plan to give the same or more this year, showcasing ongoing commitment to charitable causes. That information comes from Brad Allen of Drake & Associates who shared strategies for impactful charitable giving when he joined us on Wednesday, Nov. 15.

Amid economic challenges, including a 10.5% decrease in adjusted charitable giving last year, Allen highlighted several methods to maximize donations and tax benefits. He suggested "bunching" donations every other year to surpass the standard deduction, which is $13,850 for singles and $27,700 for married couples in 2023.

Allen also recommended donating appreciated long-term securities to avoid income tax on gains while claiming a full-value deduction. Qualified Charitable Distributions for those over 70, allowing donations from an IRA, were noted as a tax-efficient method.

He emphasized aligning donations with personal values and consulting tax professionals to ensure donations complement long-term financial plans.

More information can be found by visiting Drake & Associates online.