Welcome to the Doctor’s Eyes Only Podcast!

In today's episode, Vestia Partner and CEO Lauren Oschman delves into strategies for doctors to maximize tax benefits through charitable giving. Lauren will guide you through:

• Understanding Deductions: Learn the difference between standard and itemized deductions, and discover why itemizing can unlock greater tax benefits from your charitable donations.
• Leveraging Donor-Advised Funds: Find out how donor-advised funds can help you consolidate multiple years of charitable donations into one, potentially allowing you to itemize and gain a significant tax advantage.
• Donating Stock Instead of Cash: Explore the benefits of donating stock directly to a charity, avoiding capital gains tax and still receiving a full charitable deduction.

“So here's strategy number one that you could consider. If you are in the situation where you don't have enough in the itemized column to be able to get additional tax benefit from your charitable giving, you could consider using what's called a donor advised fund. You fund this account and it's essentially the charitable version of you. So if I set up a donor advised fund, I have the Lauren Oschman charitable fund, I actually give that money to charity from the IRS's perspective when I put it in the donor advised fund.”

• Donating Stock Instead of Cash: Explore the benefits of donating stock directly to a charity, avoiding capital gains tax and still receiving a full charitable deduction.

“We transfer the stock to the charity's investment account. The charity sells the stock, they're a nonprofit, so they don't have to pay tax when they sell the stock. I still get the benefit of that additional deduction on my itemized deduction column, plus I saved the capital gains tax that I otherwise would have had to pay at some point in my life when I decided I was going to spend out of that stock account.”

Join us as Lauren Oschman shares practical and impactful strategies to make your charitable giving more tax-efficient. Be sure to follow and subscribe where ever you find your favorite podcasts. As always, the information in this podcast is a general over head view, and we suggest meeting with your financial advisor and your accountant before making investment or tax decisions based on your specific situation. If you do not have an advisor or would like a second opinion, you can reach out to us at myteam@vestia.com, and an advisor will be in touch soon!

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