How to Handle Unexpected Financial Windfalls

windfalls

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Imagine suddenly receiving a mountain of cash. From lottery wins to surprise inheritances, unexpected windfalls can be life-changing. But are you ready to manage sudden wealth wisely?

Picture your bank account with more zeros than ever before. It’s exciting, but don’t rush into spending. Managing a windfall requires smart planning and self-control.

Unexpected money can come from various sources. These include work bonuses or the federal Earned Income Tax Credit for some earners1. The key is avoiding hasty decisions that could harm your finances.

Many Americans struggle with emergency expenses. Nearly 4 in 10 can’t cover a $400 unexpected cost2. Don’t join this group after your windfall.

Before dreaming big, assess your current finances. Review your income, savings, debt, credit health, and expenses1. This overview helps you make smart choices about your new wealth.

Key Takeaways

  • Unexpected windfalls require careful planning and consideration
  • Sources of windfalls include bonuses, inheritances, and lottery winnings
  • Assess your current financial situation before making decisions
  • Resist the urge to make impulsive purchases
  • Seek professional advice to manage your windfall effectively
  • Consider long-term financial security over short-term splurges

Understanding Financial Windfalls

Financial windfalls can change your life overnight. They’re unexpected sums of money that can reshape your financial future. Let’s explore what windfalls are and how they work.

Definition of a windfall

A windfall is a large, unexpected sum of money. It’s like hitting the jackpot, whether through a lottery win or an inheritance. Windfalls can dramatically alter your financial situation.

Common sources of unexpected money

Windfalls can come from various places. Here are some common ways you might receive sudden cash:

  • Winning the lottery
  • Receiving an inheritance
  • Getting a hefty work bonus
  • Selling valuable assets
  • Settlements from lawsuits
  • Tax refunds

Baby Boomers currently hold the most wealth in the country. As the “great wealth transfer” unfolds, many people may receive windfalls in coming decades3.

The psychological impact of sudden wealth

Windfalls aren’t just about money. They can greatly affect your mental state. One in three Americans mismanage inheritances, showing the need for proper planning4.

Sudden wealth can bring both positive and negative effects. It can improve mental well-being and decision-making5. However, managing large sums can also cause stress and poor choices.

“Money often costs too much.” – Ralph Waldo Emerson

To handle the impact of sudden wealth, wait before making big financial decisions. Take six to twelve months to process your emotions and plan wisely3.

Understanding windfalls is key to managing unexpected money well. With this knowledge, you’re better prepared to handle sudden wealth responsibly.

The Importance of Pausing Before Acting

Sudden windfalls can tempt us to spend recklessly. However, taking a moment before acting can prevent future regrets. Smart financial planning requires a thoughtful approach to unexpected wealth.

Imagine winning the lottery or inheriting a fortune. Your first thought might be to splurge on luxuries. But hasty decisions can lead to financial nihilism, where money loses its true purpose6.

“Money becomes ordered to itself if not directed towards a greater reality.”

This quote captures the essence of thoughtful spending. Pausing allows you to align your wealth with long-term goals. It’s about creating a meaningful financial future, not just accumulating cash.

Taking a timeout is crucial. It prevents rash decisions and buyer’s remorse. It allows for objective assessment of your financial situation.

Pausing gives time to seek professional advice. It helps create a solid financial plan. It also prevents falling into lifestyle inflation traps.

Financial planning is a marathon, not a sprint. Pacing yourself is key to long-term success. Give your money time to mature, like fine wine.

To manage impulse spending, create a 12-month debt repayment plan. Start building an emergency fund with a $1,000 goal7. This approach fosters a thoughtful relationship with newfound wealth.

In financial windfalls, slow and steady wins. Taking a pause helps craft a financial story you’ll be proud of. Let your money work for you, not against you.

Seeking Professional Advice

Sudden wealth requires expert guidance. Professional advice helps navigate complexities and make informed decisions about your newfound resources. It’s crucial to seek help when receiving a financial windfall.

Financial Planners

Financial planners are vital for managing unexpected windfalls. They create strategies tailored to your unique situation. These experts assess your finances, set goals, and develop plans to achieve them.

A skilled advisor guides you through investment options. They help diversify your portfolio and balance risk with potential returns8. Their expertise ensures your windfall is used wisely.

Tax Advisors

Tax planning is crucial for managing a windfall. A tax advisor explains the implications of your new wealth. They develop strategies to minimize your tax burden.

  • Evaluate potential capital gains taxes on asset sales9
  • Explore tax-advantaged investment options like 529 plans9
  • Consider backdoor Roth IRA contributions for tax-free growth9

Working with a tax professional helps avoid costly mistakes. They ensure you make the most of available tax benefits. Their guidance is invaluable for managing your newfound wealth.

Estate Planning Attorneys

Estate planning is key when dealing with a significant windfall. An attorney helps protect your assets and ensure proper distribution. They guide you through important legal considerations.

Estate Planning Considerations Benefits
Create or update your will Ensure proper asset distribution
Establish trusts Protect assets and minimize taxes
Consider long-term care insurance Potentially tax-deductible premiums9

Estate planning attorneys help navigate federal estate tax thresholds. In 2024, estates over $13.61 million face federal taxes. This threshold may decrease to $7 million by 20259.

“Building a team of financial professionals, including accountants, estate planners, and tax specialists, can help you manage sudden wealth effectively and make the most of your windfall.”

Professional advice is an investment in your financial future. Seeking guidance from experts equips you to handle your windfall wisely. It secures your long-term financial well-being108.

Assessing Your Current Financial Situation

Take a moment to review your financial landscape. It’s like capturing a money snapshot before you start splurging. This step helps you make smart decisions about your newfound wealth.

Assessing financial situation

Start by adding up your monthly income. Include your salary, side hustles, and passive income streams. Next, check your savings. Experts suggest saving three to six months’ worth of expenses for emergencies11.

Now, let’s address debt. List all your outstanding debts, from credit cards to student loans. Focus on high-interest debt. It’s like a leaky faucet, slowly draining your wealth.

Crunching the Numbers

Calculate your debt-to-income (DTI) ratio to gauge your financial health. It shows how much of your income goes towards debt payments. Aim for a DTI of 35% or below with a mortgage, or 20% without11.

Financial Aspect Current Status Ideal Target
Emergency Savings $X 3-6 months of expenses
DTI Ratio (with mortgage) X% 35% or below
DTI Ratio (without mortgage) X% 20% or below
High-Interest Debt $X $0
Monthly Investment $X $700 (example)

Check your credit health too. A good credit score can unlock better financial opportunities. It can lead to lower interest rates and better loan terms.

Set clear financial goals. They might include buying a house or funding your kids’ education. Knowing your objectives will guide your windfall decisions. Without planning, even a large inheritance can disappear quickly12.

“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” – Abraham Lincoln

By assessing your finances, you’re sharpening your financial axe. This groundwork helps you make informed decisions about your windfall. It ensures your money moves you towards your goals.

Creating a Windfall Management Plan

A solid management plan is key for long-term financial success after receiving a windfall. This plan should cover short-term goals and long-term objectives. It ensures you make the most of your unexpected wealth.

Short-term Goals

Start by stabilizing your finances. Set aside six months to a year’s worth of expenses in an accessible account. Invest the rest in secure, low-risk savings options.

These could include FDIC-guaranteed bank accounts, CDs, or treasury bills13. This approach provides a safety net while you create a full financial strategy.

Long-term Objectives

Your windfall plan should address long-term financial goals. Prioritize these goals based on importance and timeline for achievement13. Here’s a breakdown of potential long-term focuses:

  • Retirement savings
  • Education funding
  • Investment strategies
  • Estate planning

Balancing Immediate Needs and Future Security

Balance addressing current financial needs with securing your future. Consider this: adding $6,000 yearly to a traditional IRA with 6% annual return could yield $239,956 over 20 years14.

This shows the power of long-term planning and consistent contributions. Avoid traps like immediate gratification or excessive gifting15. Focus on aligning your goals with your new wealth.

“A goal without a plan is just a wish.” – Antoine de Saint-Exupéry

Work with financial pros to stay on track. They can help with tax strategies and asset management. They’ll also set up regular reviews to check your progress14.

This approach will help you build a lasting legacy with your windfall. It ensures your unexpected wealth works for you and future generations.

Goal Category Short-term Actions Long-term Strategies
Emergency Fund Set aside 6-12 months of expenses Regularly review and adjust fund size
Debt Management Pay off high-interest debts Develop a strategy for remaining debts
Retirement Planning Max out current year’s contributions Create a long-term investment strategy
Education Funding Open a 529 plan if applicable Set up regular contributions
Estate Planning Update or create a will Establish trusts or other structures

A good windfall plan covers both short-term needs and long-term goals. It sets you up for financial success. Your unexpected wealth can secure your future and benefit future generations.

Dealing with Taxes on Your Windfall

Congrats on your surprise fortune! Let’s talk about taxes. Understanding how they affect your windfall is key to smart money management.

Tax implications of financial windfalls

Your windfall’s tax treatment varies based on its source. Lottery wins face heavy taxes. Inheritances might be luckier. In 2023, you won’t owe federal taxes on cash inheritances up to $12.92 million16.

But watch out for state inheritance taxes. These can reach up to 16%17. Stocks or property in your windfall? Capital gains taxes apply.

Good news: long-term capital gains have lower tax rates. Singles earning under $44,625 or couples under $89,250 might pay no capital gains tax in 202318.

Strategies to Minimize Your Tax Burden

Smart planning can help you keep more money. Here are some strategies to think about:

  • Offset gains with losses: Sell underperforming stocks to balance out capital gains and reduce your tax liability18.
  • Leverage retirement accounts: Max out your IRA contributions. In 2023, you can contribute up to $6,500 (or $7,500 if you’re 50 or older)18.
  • Consider a Health Savings Account: In 2023, you can contribute up to $3,850 for individual coverage or $7,750 for family coverage18.
  • Gift strategically: You can gift up to $18,000 per year to a single person without affecting your lifetime gift tax exclusion17.

The IRS gives you 10 years to take money from inherited retirement accounts16. This can greatly help your tax planning.

“In this world, nothing is certain except death and taxes.” – Benjamin Franklin

Don’t tackle this alone. Hire financial advisors and tax pros. They’ll help you make the most of your windfall while following IRS rules.

Income (Single Filer) Income (Married Filing Jointly) Long-Term Capital Gains Tax Rate (2023)
Up to $44,625 Up to $89,250 0%
$44,626 – $492,300 $89,251 – $553,850 15%
Over $492,300 Over $553,850 20%

Understanding these tax rules helps you grow your new wealth. It’s not just about what you get, but what you keep!

Building an Emergency Fund

Got a windfall? It’s time to boost your financial safety net! An emergency fund acts like a superhero cape for your wallet. It’s ready to save the day when life throws unexpected challenges your way.

Sizing Up Your Safety Net

Imagine you’ve just received a surprise cash windfall. Before splurging, consider strengthening your emergency fund. Most financial experts recommend saving 3-6 months of living expenses19.

Surprisingly, over half of Americans have less than three months’ worth of savings20. The average person spends about $60,060 yearly19. For a three-month cushion, you’d need to save around $15,015.

Don’t worry if that sounds overwhelming. Break it into smaller goals. Saving $166.67 monthly could help you reach $10,000 in five years19.

High-Yield Havens for Your Cash

Where should you keep your emergency stash? High-yield savings accounts are excellent options. These accounts can earn over 10 times the interest of standard savings accounts21.

We’re talking about 5% interest versus just 0.25%! It’s like your money is exercising while you relax at home.

For patient savers, consider a certificate account or CD. These options offer fixed rates for set periods. They’re great for growing your minimum balance21.

“An emergency fund isn’t just a safety net – it’s peace of mind with interest!”

Ready to start your emergency fund? Check out these expert tips on kickstarting your savings. Your future self will thank you for every penny saved today!

Savings Goal Monthly Savings Time to Reach Goal
$10,000 $166.67 5 years
$10,000 $333.33 2.5 years

Building an emergency fund is your ticket to financial security. Only 45% of Americans can cover a surprise $1,000 expense21. Start saving now and stay ahead of the game!

Paying Off High-Interest Debt

Got a windfall? It’s time to tackle that pesky credit card debt! Credit card balances hit $1.08 trillion in 2023’s third quarter22. Average APRs now soar above 20% due to Fed rate hikes22.

Let’s explore smart ways to crush your debt and achieve financial freedom. The goal is to become debt-free, not just juggle balances!

Debt Repayment Strategies

The debt avalanche and snowball methods are clever debt-busting tactics. About 15% use the avalanche method, while 17% prefer the snowball approach22.

  • Avalanche: Target high-interest cards first
  • Snowball: Knock out smallest balances to build momentum

Whichever you choose, pay more than the minimum. An impressive 61% of people are already doing this22. Join them!

Debt Consolidation: Your Secret Weapon

Consider debt consolidation to simplify your repayment journey. Only 8% of people use this strategy – don’t miss out22!

Personal loans can be a game-changer. They offer average rates of 12.49% compared to credit card APRs of 21.59%23.

Loan Provider Loan Amount Range Repayment Terms Notable Feature
Upstart $1,000 – $50,000 Varies 4.9-star Trustpilot rating
Discover Personal Loans $2,500 – $40,000 3-7 years No SSN required for prequalification

Bonus tip: Consolidating your debt can boost your credit score23. It’s like hitting two birds with one stone!

“The secret of getting ahead is getting started.” – Mark Twain

Paying off debt is a marathon, not a sprint. Stay focused and celebrate small wins. Soon, you’ll be debt-free and ready for new financial goals!

Boosting Your Retirement Savings

Got a windfall? It’s time to supercharge your retirement savings! Smart planning can transform unexpected cash into a golden ticket for your future.

Maximizing 401(k) Contributions

Your 401(k) is a retirement savings powerhouse. Many employers match a portion of your contributions, offering free money. Increasing your contribution rate can significantly boost your retirement account over time.

Investing smaller amounts over longer periods can have a greater impact. Start early and stay consistent for the best results!

Exploring IRA Options

IRAs offer another avenue for retirement savings. Choose between Traditional and Roth IRAs to contribute up to the annual IRS limit. These accounts provide tax advantages and flexible investment strategies.

Entrepreneurs can explore nontraditional worker retirement plans. Solo 401(k), SEP IRA, or SIMPLE IRA offer higher contribution limits than traditional IRAs24.

Catch-up Contributions for Those Over 50

If you’re 50 or older, you get a special perk: catch-up contributions. You can add an extra $7,500 annually to your 401(k) or 403(b) accounts24. It’s a turbo boost for your retirement savings!

Account Type Annual Contribution Limit Catch-up Contribution (50+)
401(k)/403(b) $19,500 $7,500
Traditional/Roth IRA $6,000 $1,000

Financial experts suggest aiming for an annual retirement income of about 80% of your pre-retirement income24. Put that windfall to work and watch your retirement savings grow!

“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese Proverb

Ready to supercharge your retirement savings? Check out these expert strategies for boosting your nest egg at any age.

Investing in Your Future

Got a windfall? Awesome! It’s time to make your money grow. Let’s explore smart investing strategies that’ll boost your bank account.

Investing in stock market

Don’t let your cash sit idle. The stock market offers potential returns. But wait! Remember the golden rule: diversification.

Think of your investment portfolio as a pizza. You want different toppings, right? Spread your money across stocks, bonds, and mutual funds. If one slice fails, you’ve got other options.

The Stock Market Tango

Stocks can offer high returns but are known for ups and downs. If you’re new, try index funds or ETFs. They’re like group dance lessons – less pressure, more fun.

Bonds: The Steady Eddie of Investments

Bonds are your reliable investment friend. They offer steady income and balance out stock swings. They might not excite, but they’ll always have your back.

Mutual Funds: The Investment Potluck

Mutual funds mix investments managed by pros. It’s like a potluck where everyone brings their best dish. You get diversity without being a financial whiz.

“Diversification is protection against ignorance. It makes little sense if you know what you are doing.” – Warren Buffett

Investing isn’t a quick money scheme. It’s like growing a money tree. You need patience, care, and the right conditions. Sometimes, expert advice helps.

Did you know 1 in 3 people lose inherited savings within 2 years25? That’s why it’s crucial to consult with a financial advisor. They’ll help create a strategy matching your goals.

For retirement, save 15% of your pretax salary. Include any employer match if using a workplace plan26. Keep 3-6 months of expenses in liquid assets for emergencies26.

Investment Type Risk Level Potential Return Best For
Stocks High High Long-term growth
Bonds Low to Medium Low to Medium Steady income
Mutual Funds Varies Varies Diversification

This is your guide to turning a windfall into financial success. Investing is a marathon, not a sprint. Stay focused and diversified. You might end up with enough for that dream private island!

Considering Real Estate Investments

Unexpected money can open doors to real estate investing. It’s similar to Monopoly, but with actual properties and real cash. Let’s explore turning your windfall into a solid investment plan.

Property Ownership: A Balancing Act

Owning property is like having an income-generating pet rock. It’s thrilling, but comes with its own challenges. Let’s look at the pros and cons:

  • Pro: Potential for rental income and property appreciation
  • Con: Maintenance costs and tenant headaches
  • Pro: Tax benefits and leverage opportunities
  • Con: Illiquidity and market fluctuations

Timing is crucial when buying property. Fall often sees lower prices, making it a good time to invest. However, be prepared for unexpected repairs.

Most homeowners face surprise fixes within the first year. Two-thirds of essential maintenance work costs over $1,00027. Keep a fund ready for these unforeseen expenses.

REITs: Real Estate Without the Toolbox

Real Estate Investment Trusts (REITs) offer a hands-off approach to property investing. They let you invest in real estate without dealing with property management.

Experts suggest allocating 20% to 30% of your portfolio to real estate. For retirees, this number can go up to 40%28. REITs make it easy to achieve this balance.

Investment Type Pros Cons
Direct Property Ownership Full control, potential for higher returns Time-consuming, requires hands-on management
REITs Liquidity, professional management Lower potential returns, less control

Diversification is key in real estate investing. High-net-worth individuals are exploring various property types. These include commercial real estate, international properties, and sustainable investments28.

The U.S. homeownership rate is about 66%. This shows there’s still room for growth in the real estate investment market27.

“In real estate, you make your money when you buy, not when you sell.” – Unknown

Real estate can be a solid addition to your windfall strategy. Returns can range from 10% on a primary home to 300% on acreage investments29.

Before diving in, do thorough research. Consult with experts to make informed decisions about your real estate investments.

Funding Education Goals

Got a windfall? It’s time to make your college savings shine. Let’s explore smart ways to fund your academic dreams without breaking the bank.

529 plans for education funding

529 plans are like magic wands for education funding. They offer tax advantages that’ll make your wallet happy. With a 529 plan, your money grows tax-free for qualified education expenses.

Your financial planning toolkit isn’t complete without these options:

  • Coverdell Education Savings Accounts (ESAs)
  • UGMA/UTMA custodial accounts
  • Savings bonds
  • Roth IRAs (yes, you read that right!)

Schools received $4,610 per student in COVID-19 relief funds, combined with Title 1 funds30. That’s a big boost, but keep saving.

Here’s a pro tip: save three to six months of living expenses in an accessible account31. This can be an emergency fund and cover unexpected education costs.

Balancing Act: Education vs. Other Financial Goals

Funding education is just one piece of your financial puzzle. Don’t put all your eggs in the college savings basket.

Financial Goal Allocation of Windfall Potential Benefits
Education Funding 30-40% Tax advantages, future savings
Retirement Savings 20-30% Long-term security, potential tax deductions32
Emergency Fund 10-20% Financial stability, peace of mind
Debt Repayment 10-20% Reduced interest payments, improved credit score

Consult a financial advisor to tailor this plan to your goals and risk tolerance31. They can help navigate financial planning and ensure your strategy is solid.

“Education is not the filling of a pail, but the lighting of a fire.” – William Butler Yeats

Light that fire! Smart planning and windfall magic can fund your education goals. Balance is key – don’t let college savings overshadow other needs.

Make that windfall work for your future. Your education dreams are within reach with careful planning and smart choices.

Charitable Giving and Philanthropy

Got a windfall? It’s time to spread some joy! Charitable giving offers both emotional and financial benefits. Donor-advised funds are becoming popular for their ease and tax advantages33.

These funds allow immediate deductions and flexible giving over time. Your contributions can grow tax-free, potentially increasing your grant-making power34.

Tax Benefits of Charitable Donations

Consider donating high-performing stocks you’ve been holding. This strategy helps you avoid capital gains taxes. You’ll also get a charitable tax deduction on the stock’s fair market value33.

This financial move can boost your charitable gifts by over 20%34. In high-income years, prefunding your giving can maximize tax benefits and support future donations33.

Setting Up a Charitable Foundation

For generous individuals with substantial means, charitable foundations or donor-advised funds (DAFs) are worth considering. DAFs offer immediate tax benefits and allow you to recommend grants over time35.

You can control DAF investments with your advisor’s help. This ensures your giving strategy aligns with your overall financial plan35.

Charitable giving is for everyone, not just the wealthy. One Michigan couple supported 79 preschoolers with their growing Giving Account34. You can set up automatic contributions to reach your personal giving goals33.

Make your windfall work wonders for both your taxes and favorite causes. There’s a philanthropic path for everyone, so start giving today!

FAQ

What is a financial windfall?

A financial windfall is a large, unexpected sum of money. It can come from bonuses, inheritances, lottery wins, or lawsuit settlements. Other sources include insurance claims, business sales, and retirement payouts.

Why is it important to pause before making decisions with a windfall?

Rushing into decisions with a windfall can lead to regrets. Resist the urge to make big purchases or pay off all debts right away. Take time to weigh your options and their long-term effects.

What professionals should I consult when handling a windfall?

Seek advice from financial planners to understand the overall impact. Tax advisors can help with potential tax issues. Estate planning attorneys can assist with creating or updating wills.

How can I assess my current financial situation before deciding how to use a windfall?

Look at your financial goals, income, savings, and debts. Check your credit health and monthly expenses. This review helps you decide how to use the windfall wisely.You can prioritize paying off high-interest debt or building an emergency fund. Investing for the future is another smart option.

What are some short-term and long-term goals to consider when creating a windfall management plan?

Short-term goals might include setting up an emergency fund or paying off debt. Long-term objectives could focus on retirement savings or investing. Balance immediate needs with future security for lasting benefits.

How can I deal with taxes on my windfall?

Different windfalls may have various federal and state tax rules. Talk to a tax expert to understand your obligations. This helps you plan ahead and avoid surprise tax bills.

Why is building an emergency fund important when receiving a windfall?

Use part of your windfall to create or boost your emergency fund. Aim for 3-6 months of living expenses. Consider high-yield savings accounts to earn more interest.This financial cushion provides security for unexpected costs or income loss.

Should I prioritize paying off high-interest debt with my windfall?

Focus on paying off high-interest debts like credit card balances or personal loans. Start with the highest rates and work your way down. Clearing these debts improves your financial health and frees up future income.

How can I boost my retirement savings with a windfall?

Max out your 401(k) contributions, taking full advantage of employer matches. Open or add to an IRA, noting the increased limits for 2023. If you’re over 50, make catch-up contributions.Explore different retirement savings strategies for tax benefits and long-term growth.

What investment options should I consider with my windfall?

Think about investing some of your windfall for potential long-term growth. Look into stocks, bonds, or mutual funds. Spread out your investments to manage risk.If you’re new to investing, work with a financial advisor. They can help create a strategy that fits your goals and risk comfort.

Is real estate a good investment for a windfall?

Real estate can be a valuable addition to your investment mix. Consider the pros and cons of owning property directly. This includes rental income potential and property management duties.You could also explore Real Estate Investment Trusts (REITs) for a hands-off approach.

How can I use my windfall to fund education goals?

If you have education goals for yourself or children, save some of your windfall. Look into 529 plans, which offer tax perks for education savings.Balance education funding with other financial priorities for a well-rounded approach.

Are there any tax benefits to charitable giving with a windfall?

Consider using part of your windfall for charity. Explore the tax benefits of donations, which can offset the windfall’s tax impact. For large amounts, think about setting up a charitable foundation or donor-advised fund.This allows you to make a positive impact while possibly enjoying tax advantages.

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  30. https://www.smartbrief.com/original/4-steps-make-covid-19-funding-windfall-sustainable – 4 steps to make the COVID-19 funding windfall sustainable – SmartBrief
  31. https://www.pefcu.blog/2024/04/15/making-the-most-of-financial-windfalls/ – Making the Most of Financial Windfalls – PEFCU Blog
  32. https://www.otcpas.com/financial-windfall/ – Managing a Financial Windfall – Olsen Thielen CPAs & Advisors
  33. https://www.fidelitycharitable.org/articles/4-smart-contribution-strategies.html – 4 smart contribution strategies with a donor-advised fund
  34. https://www.fidelitycharitable.org/articles/four-ways-a-donor-advised-fund-can-boost-your-giving.html – Four Ways a Donor-Advised Fund Can Boost Your Giving
  35. https://www.mesirow.com/wealth-knowledge-center/savvy-approach-charitable-giving – A savvy approach to charitable giving

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