Quote:
Originally Posted by Boomer
- - - - - - - - - - -
- - - - - - - - - - -
I have wondered if financial advisors, in general, make their clients aware of this way to save on taxes and maybe to avoid IRMAA. And if not, why not? I know most advisors are not tax accountants, but they should at least give clients a heads-up to learn about the QCD.
Boomer
|
Quote:
Originally Posted by Haggar
The answer is no. My advisor who is my client and who has referred many clients does not - to the best of my knowledge. I gave to seven charities through QCDs and she had to prepare seven forms to get my seven checks. They claimed she doesn't have any clients QCDs apply to but I suspect she doesn't want the extra work.
|
Hi Haggar,
I think you’re exactly right.
Add to that — not telling the client could create an opportunity for the “advisor” to “advise” to reinvest the money in a taxable account that would remain under “advisement.”
Yep. Just whose best interest is that kind of omission in, anyway. (That was a rhetorical question, of course, but it’s the kind of thing that always brings me full circle back to my jaded view of most advisors. )
We do not yet use an advisor, but I did find one that has a CPA as part of their small team and takes a faceted approach to include tax-planning. (They are in my hometown though.)
We have not hired them, so far. Meanwhile, we just plug along — but our taxes are done by a CPA.
Boomer