According the Giving USA 2024: Annual Report on Philanthropy, individuals in the United States gave over $374 billion to charity in 2023. Beyond the intrinsic reward of helping others, charitable giving also offers substantial tax benefits if it is approached strategically.
While most individuals choose to simply give to charity via cash, check, or credit card, these options are typically the least tax efficient.
In this month’s podcast we are discussing how various charitable giving strategies such as giving appreciated stock, bunching charitable contributions, making qualified charitable distributions, and utilizing the North Dakota qualified endowment tax credit can significantly increase the tax savings individuals receive from their charitable gifts.
If you are interested in learning more about tax-smart ways of giving to charity, we think you’ll enjoy this episode. Thanks for listening!
For more details on tax smart charitable giving, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/tax-smart-charitable-giving-strategies/
The life insurance industry in the United States is large and growing. According to LIMRA, US life insurance premiums set a new record in 2023 with over $15 billion in new annualized premium sales. Only $3 billion of the total represents term life insurance which means 80% of the new premiums were generated from non-term policies.
When insurance agents endorse the investment characteristics of life insurance, they are referring to permanent insurance which is a blend of insurance and investments.
In this month’s podcast, we discuss how the investment component of permanent life insurance works and how it generally performs compared to other investment options.
If you are interested in learning more about how the investment component of permanent life insurance stacks up against other investment options, we think you’ll enjoy this episode. Thanks for listening!
For more details on permanent insurance, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/is-life-insurance-a-good-investment/
Discussions of life and death are often uncomfortable. Facing our own mortality forces us to answer questions and consider scenarios we’d rather pretend do not exist. While we’d rather believe life will go on for decades and we’ll be able to continue providing for loved ones, the reality is that we don’t always have that opportunity.
When individuals pass away, often their loved ones are left in a difficult financial situation, and things that previously were assumed to be a given (staying in their current home, covering day to day expenses, assisting children with education expenses, etc.) are no longer guaranteed.
In this podcast, we discuss the financial implications resulting from the untimely death of a loved one and how life insurance plays an important role in ensuring your family is adequately protected.
If you are interested in learning more about navigating life insurance and avoiding pitfalls, we think you’ll enjoy this episode. Thanks for listening!
For more details on navigating life insurance, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/navigating-life-insurance-and-avoiding-pitfalls/
Steve and Nathan have a passion for teaching others about finances and how to build the financial independence that is achievable with the proper planning. In their roles at Prairiewood Wealth Management, both Nathan and Steve focus on providing comprehensive financial advice to ensure their clients have a coordinated plan that covers all aspects of their finances including their investments, insurance, estate plan, and charitable giving goals.
As Certified Public Accountants (CPAs), both Nathan and Steve believe that one of the most overlooked aspects of financial advice is the tax impacts that result. Accordingly, a core focus of the advice they give centers on integrating tax strategy into the overall financial advising process.
Steve and Nathan are excited to share their knowledge through this podcast as well as their blog with the goal of helping you effectively manage your family’s wealth and ensure you have a comprehensive and coordinated plan for your future.
