Important Charitable Tax Planning Reminders as the Year Winds Down

Once again we find ourselves in that familiar place on the calendar where year-end is right around the corner. Whether you’re planning to make a gift of stock, mutual funds or other assets, or set up a trust, keep these tips in mind to ensure your 2024 gift arrives on time.

If you are planning on making a year-end stock gift be sure and check with your broker or investment contact about their deadlines. They can get so busy at the end of the year that they will often need your instructions earlier than you might think.

Some mutual funds can take over a month to transfer so please be sure to check in even sooner if you are making any mutual fund gifts this year.

Many donors have let us know they are considering establishing a new charitable gift annuity or charitable trust this year. These gifts can require substantial lead times so we suggest you reach out before November to establish a trust and before December to establish an annuity.

Lastly, donors who make charitable gifts as qualified charitable distributions from IRAs should be mindful of timing as we near year-end. If you want to have a gift from your IRA count towards your required minimum distribution for 2024 it will be necessary for the money to clear the account this year.

Year-end giving deadlines are firm 

Watch the calendar closely! Year-end can sneak up on all of us, and it’s important not to miss key deadlines for accomplishing your charitable goals. Please reach out to our team to find out when certain transactions must occur to be completed during this tax year, including checks to a fund at OCF which must be postmarked or hand-delivered no later than December 31. Gifts of marketable securities also need to be fully transferred by December 31, so please contact us in plenty of time for our team to process and receive the transfer. While we will make every effort to receive and process a gift by December 31, there are situations where this may not be possible due to factors beyond our control.

Our philanthropic advisors around the state would love to talk more with you. We offer many different types of funds, depending on what you would like to accomplish with your giving. Our investment program, administrative support, personal service and expertise in Oregon will ensure that you can experience the joy of impactful giving without worrying about details.

We are here to help talk with you about these giving options, and how OCF can support your charitable goals. When you give with OCF, you’re connecting to a powerful network of generous Oregonians who share your vision for a better future. It’s an honor for OCF to partner with our donors to create lasting, measurable change.

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.