Have you heard this time in our history being described as the ‘now normal’? It can be unsettling to consider things may never return to where they were.
For some of Financial Consultant Sabrina Fay’s charitable clients, the ‘now normal’ has added a sense of urgency to their giving. The CARES Act provides an opportunity for Sabrina to assist those clients who want to make an even greater impact now.
One of Sabrina’s clients is taking advantage of the CARES Act provision that allows taxpayers to deduct up to 100 percent of their adjusted gross income (up from 60 percent) for cash contributions made in 2020. The client is splitting her income this year between cash gifts to causes in her community that are coping with social unrest and to her donor advised fund at InFaith.
“It’s rewarding when you get clients to a space where they can see what the fruits of their labors and faithful stewardship can look like,” she says. “InFaith has perks like the WomenInvest portfolio and others that align with their social objectives.”
Learn more about how the CARES Act includes charitable giving at the InFaith website.
Time Is Now for All Clients
“InFaith is not just for retirees,” she says. “Find out what’s important to clients early, teach them about Roth conversions when they are younger.” Sabrina talks with all clients about how charitable planning and tax-efficient planning go hand in hand.
She asks any clients who can benefit from bundling their donations to consider a donor advised fund, referring to them as charitable checking accounts. “It’s a powerful motivator when you can show clients how they can save on taxes,” she says.
Thrivent Tuesdays Educate Clients
Sabrina has joined colleagues to offer weekly educational events via Zoom on topics such as the CARES Act and Thrivent’s Economic Update and Tax Savvy Strategies workshops. It’s a proactive way to remain a calm voice for clients now that the pandemic has brought on fluctuating markets and emotional upheaval.
Her team’s approach has always been to educate clients about the ups and downs their portfolios will endure. “When early March hit, we only had one client who was extremely concerned,” Sabrina says. “We show clients through stress testing what their assets will look like in down markets.”
Sabrina recommends that FPs get involved in their communities. “Find where you can be you and stick with it,” she suggests. “I meet new clients when I am being my most authentic self. Those are the people who help you grow.”
InFaith Sharing Light and Hope
Connect with gift planners for ways to assist your clients by calling 800-365-4172.