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Stocks just logged their best midyear stretch since 1950. Is it time to take some profits?
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When professional baseball player Austin Barnes extended his contract with the Los Angeles Dodgers for another two years, he specifically included in the agreement a commitment on his part to make charitable donations.
That was a generous move and a financially savvy one all at the same time. He can put his money to work helping causes he believes in, while also enjoying tax advantages.
SEE MORE Which Type of Donor-Advised Fund Is Right for You?
Most of us don't have multimillion-dollar professional sports contracts like Barnes, but there are ways to increase your own donations and, at the same time, reduce your tax bill.
After all, you probably have a cherished cause — a church, an animal rescue organization, a homeless shelter or some other nonprofit — that you want to help. With charitable donations, you can choose specifically how your money is put to use, which isn't the case with your tax dollars, which just go into the big tax pot in Washington.
Think of it this way: If you were told that you aren't going to be able to keep $10,000 anyway, wouldn't you prefer to have a say in exactly how it is spent?
With that in mind, here are five ways to make charitable giving a key part of your financial plan:
1. Set up a donor-advised fund (DAF)
This is a strategy that isn't put into play often enough, in part because many people don't know about it. A donor-advised fund allows you to make a sizable charitable donation that you can claim immediately as a tax deduction. The money isn't donated immediately, though. Inste
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SHALOM OUANOUNOU was declared dead in September. The 25-year-old Canadian had suffered an asthma attack so severe that he was taken to hospital in Ontario where he was put on a ventilator. After carrying out tests, doctors found that his brain lacked functions such as consciousness and respiratory reflexes. They issued a death certificate and prepared to disconnect the medical equipment.
But Mr Ouanounou's family said that he and they, as Orthodox Jews, believe that life ends only when breath and heartbeat cease. They won a court injunction to keep him on artificial ventilation; his heart stopped of its own accord in March, five months later. "It just doesn't make any sense to us to say he wasn't alive throughout that period," says Max Ouanounou, his father.
Mr Ouanounou would have been declared dead in the same way in almost all rich countries. They tend to treat irreversible loss of all of the brain's function as constituting death. American states typically demand evidence...Continue reading
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