In this video, we’ll show you how to use Voyant’s Charitable Goals feature to model your clients’ giving aspirations and illustrate the associated tax benefits.
Transcript
First, navigate to the plus button in the bottom right and select Goals. From there, select the Gifting Goal, which will create a trackable expense for charitable giving.
You can choose the recipient type as either a person outside of the plan or a charity. In this example, we’ll select Charity and name it Charitable Giving. Our client wants to donate $50,000 annually, and we will inflate that amount by 2% per year.
Next, go to Timing. We want this to start when Sandra retires and end at her mortality or when the fund runs out.
Then, go to the Payment Source section. We’ll use the Donor-Advised Fund already in the account as the preferred payment source. In this case, we want this fund to be the only account used for charitable giving. The charitable giving will end when this fund is depleted, so we’ll specify that the software should use only this preferred payment source to fulfill the expense.
Click Done to save. You can now check whether your client is on track to donate $50,000 per year from this Donor-Advised Fund starting at retirement and continuing until mortality.
To look under the hood, go to Year View and navigate to the year giving begins. You’ll see the expense listed as a Legacy Gift to the selected charity. The value will reflect the future value, increasing by 2% annually. Clicking on the expense also shows that the preferred payment source is Sandra’s Donor-Advised Fund, which is being used to fulfill the donation.
I hope this was helpful. If you have any questions, reach out by clicking the name of your client in the top right, selecting Request Support, entering your question in the text box, and sharing client access.