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Year End Tax Planning

Jon C. Frandell • December 12, 2022

Year End Tax Planning

We all have a lot to be thankful for. We are fortunate to live in this vibrant and beautiful community. Now let me give you some ideas on Year End Tax Planning issues to consider. First of all, there are only three places your wealth and Legacy can go to: #1 The government in taxes, #2 Your family and #3 Charities. If you have enough for your family and I know no one wants to gift to the Government as they already have taken their share. Then the logical answer is to give it to worthy charities. I am now going to give you some ideas on how to do that and give you some tax advantages also. When we are gifting, we look for highly appreciated assets, stocks, bonds, real estate, jewelry, artwork, cars, boats or any other asset that has appreciated in value. 


When you donate the item directly to a charity who sells the item for you. You will not have to pay the capital gains tax due if you had sold it for a profit. Next you will get a tax deduction for the value of the asset gifted. 


If you are over age 70 ½, you can also gift directly up to $100,000 from you IRA directly to a charity with out increasing your ordinary income that occurs when you take funds out of an IRA.  If you are subject to taking Required Minimum Distributions (RMD), the amount given to charity will count as part of your RMD requirement.


If you are 72 and must take the RMD, (Required Minimum Distribution) from you IRA’s value as of 12/31/2021. You can take it yourself and if you are in a high tax bracket you will in effect pay 50% of that RMD in taxes. Instead, you can gift the RMD directly to the Charity and 100% of that distribution in nontaxable. In essence keep 50% or give away 100% of your RMD.


I am not a tax professional, and you should always get advice and guidance from you tax consultant, CPA, Attorney or other qualified Tax Professional.


This is a request to all of you to consider giving some of your hard-earned wealth to charities of your choice like: The Boys & Girls Club of Fallbrook Foundation


For more information you can contact Jean Larsen, CEO Legacy Endowment 858-774-2152, Chad Wauschet CPA Pathway Consultants 951-340-1854 and the undersigned at 760-518-9291


Jon C. Frandell


President


 The Boys and Girls Club of Fallbrook Foundation

You Make All the Difference

By Todd Benton • August 22, 2023
Your donations are used to provide professional development for our staff and they are trained to implement Boys & Girls Clubs' programs such as Project Learn. With a focus on Academic Success, Project Learn reinforces and enhances the skills and knowledge young people learn at school during the hours they spend at the Club. By engaging our members in the learning process, and providing encouragement, your donations help train our staff to inspire our members to succeed in school and to become lifelong learners. Many of our students attending our Clubs have risk factors leading to underachievement and eventually dropping out of high school. Sixty-five percent of members attending our Ingold Club are ethnic minorities, primarily Hispanic, and speak English as a second language. Additionally, over half of the households within a one-mile radius of our Club are living below the median income level. The extra support you provide to our Club members makes a HUGE difference in their lives. Linda is a perfect example of a typical Club member YOU help. She arrived in the United States from Mexico when she was just 7 years old. Her parents dreamed of a better life for their three daughters and knew a good education was the key. Linda found the Boys & Girls Club after-school program and immediately felt it was a safe haven. Linda’s own words say it best: “The greatest gift the Club has given me is help with my academics. Because my parents both work long hours to provide for our family and speak little to no English, I have always relied on the Club to give me the academic support I needed to complete my homework, study for tests, and get my projects done. Without the Club, I would not be the successful student I am today as I prepare to be the first member of my family to graduate from high school and attend college. The Club is my home away from home.” You can continue making a difference by donating today. Your support can make all the difference to another child like Linda and Antonio.

Foundation board revises mission statement to benefit the B&GC

By Boys' and Girls' Club of Fallbrook Foundation • August 26, 2022
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2022 Annual Endowment

By Boys' and Girls' Club of Fallbrook Foundation • July 9, 2022
Phil Delaney of The Boys & Girls Club of Fallbrook Foundation is handing a check for $36,000 to Allison Barclays CEO of the Boys and Girls Club of North CountyBoys and Girls Club of North County for its annual Endowment Distribution from the Foundation to the Club. The Foundation has two funds to support the Club, The Jon Stromsoe Endowment Fund and a Discretionary Fund. The BGCNC is a mainstay for the youth of Fallbrook with over 2,000 members and weekly attendance of over 700 helping students with homework, nutrition, arts and crafts, sports, music, and many other programs to support the youth of Fallbrook. The Foundation is dedicated to building up an Endowment that hopefully someday will support the annual expenses of the club. Mike & Cindy Stromsoe also announced a new $10,000 donation to the Jon Stromsoe Endowment Fund of the BGCFF. 

2021 Annual Endowment Distribution

By Boys' and Girls' Club of Fallbrook Foundation • May 7, 2021
Our Board members, Becky Schmad, Chris Bouse, Mike Stromsoe present Allison Barclay, C.E.O of the Boys and Girls Club of North County with a check for $25,000 as a combined annual distribution and donation towards the “Wine Whiskey & Wedges Fundraiser, 2021”.

Wedges, Wine, and Whiskey Sponsorship

By The Boys' and Girls' Club of Fallbrook Foundation • April 10, 2021
Tina Rainey, Administrator for the Boys & Girls Club of Fallbrook Foundation, gives Brian Astredo – Director of Development for the Club – a check from the Foundation in the amount of $3,000.00 to help sponsor the “Wedges, Wine, and Whiskey” Fundraiser event for 2021.
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