Container Ship MOL Generosity
As I pondered this month's newsletter, I searched for images that conveyed generosity. Interestingly, I stumbled upon the above photo of a container ship. Not only is it named Generosity, but I find it very appropriate that it is overflowing with goods. Giving generously is associated with an overflow of concern for others. We give out of an abundance of concern, empathy, or genuine desire to help others. However, it is important to remember that many people give not from an abundance of resources, but from limited resources. In other words, they give sacrificially.
Some people give to others, and it hurts. Perhaps, as parents often do, someone goes without so that someone else (children usually), can have more. It is this kind of generosity that I think about most because it requires deeper reflection and more difficult decisions. How do you define generosity?
How Do You Define Generosity?
As a financial advisor, I'm always considering how to maximize the income and investments of our Clients. I also concentrate on helping them minimize their taxes and eliminate unnecessary expenses. As we join each Client in their stewardship journey, we're centrally focused on helping them make the very most of the financial blessings the Good Lord has given them. Our aspiration for our Clients, as stated on our website, is found in the meaning of Acadia: "land of plenty, land of peace."
So how does charitable giving fit into your financial plan and stewardship? Let's look at some of the benefits and blessings of giving:
• Giving breaks the power of money: If you are willing to let go of money, then it no longer has any control over you.
• Giving is central to financial freedom: Financial freedom is found, in part, by being content with what you have. Deciding how much is enough for your needs, and then sharing the rest is a true mark of financial freedom.
• Giving is commanded in Scripture both for the benefit of the giver and recipient: "Honor the Lord with your wealth, with the first-fruits of all your crops; then your barns will be filled to overflowing, and your vats will brim over with new wine." (Proverbs 3:9-10)
• Giving reflects recognition of God's ownership: “The earth is the Lord’s, and everything in it." (1 Corinthians 10:26)
• Lasting legacy: Through sustained, focused giving you can forever positively impact the lives of many. If you are searching for such organizations, Acadia directly supports:
o International Justice Mission
o Voice of the Martyrs
o Prison Fellowship
• Tax savings: Some people give to save on their taxes, while others don't want to feel motivated by this benefit. However you view this, Acadia will help ensure that we maximize your giving from a tax savings perspective.
• Improved cash flow: The tax savings mentioned above can improve your cash flow, which allows for additional financial benefits.
These are all great reasons and benefits of giving, but not everyone feels called to give, and some feel guilty whenever the topic comes up. It is one of the more personal decisions related to your finances. So, reflect, pray, and plan. Do not give for the wrong reason, but also do not avoid giving if you feel compelled to do so. The blessings are both immediate and long lasting.
Do you have questions about giving or your financial plan? Giving wisely is always a challenge, even in the best of times. So, schedule a meeting so we can discuss how to give wisely.
Laissez les bons temps rouler
2023 Updates
With each new year, we have to update or refine our financial plans. Part of that is adjusting to new limits allowed by the IRS. Here are the biggest changes in store for next year:
Positive Changes
• Employer retirement accounts (401(k), 403(b) and TSP) have increased to:
o $22,500 (a $2,000 increase).
o The catch-up for 50 or older Clients is an additional $7,500 (an increase of $1,000) for a total of $30,000
• IRAs (Traditional and Roth), increased to $6,500 (a $500 increase)
o The catch-up for 50 or older remains $1,000
• Gift Tax annual exclusion will be $17,000 (a $1,000 increase)
• The tax brackets are increasing, which results in overall lower taxes for the same amount of income earned next year
• The Married Filing Jointly standard deduction will increase to $27,700 and the Single taxpayer will have $13,850 as the standard deduction
Not as Positive a Change
• The Social Security wage cap increases to $160,200, which is up by $13,200 from this year
No Change
• The threshold for both Medicare (0.9%) and Net Investment Income Tax (3.8%) remains at $250,000 for MFJ and $200,000 for Single taxpayers
• The AGI phaseout for the American Opportunity Tax Credit and the Lifetime Learning Credit remains $160,000-$180,000
Good News
You have more control over your taxes than you may realize. With detailed, thoughtful planning, you can both manage your taxes and prepare for future needs. Let's meet and talk about your 2023 tax management strategy.
Mary's Recipe Corner
Turkey Marrero (aka "Turkey Trash")
This recipe is from Bill's Mom. It is a great way to use your leftover holiday turkey. She submitted it for publication in the Times-Picayune (New Orleans newspaper). Prior to submitting it, she changed the name from “Turkey Trash” to “Turkey Marrero" (after the town where she lived), as she thought it sounded a bit classier. 😋 Below is the recipe as it appeared on Thursday, February 10, 2000.
• 1 6-oz box Uncle Ben’s Long Grain and Wild Rice (with seasoning packet)
• 1 lb bulk sausage (medium hot)
• 1 3-to-4 oz can of mushrooms, whole or pieces, drained
• 2 10-1/2 oz cans cream of mushroom soup
• 1 tsp Worcestershire sauce
• 12 slices cooked turkey meat, or 2 cups chopped cooked turkey (about 3/4 pound)
Preheat oven to 375 degrees. Grease an 11-by-9-inch baking pan; set aside. Cook together rice and contents of accompanying season packet according to the package directions. (If using a rice cooker, stir the rice occasionally as it cooks). Set aside.
Meanwhile, cook sausage in microwave or in a large skillet on top of the stove until browned and broken into small bits; drain grease. Add mushrooms, soup, and Worcestershire to sausage, mixing thoroughly. Lightly stir sausage mixture into the cooked rice. Evenly spread half of the sausage mixture in bottom of prepared baking pan. Layer turkey on top, then spread remaining sausage mixture over turkey. Bake uncovered until casserole is heated through and surface is a bit crunchy, 30-40 minutes. Serve warm.
Blessings and bon appétit!
Mary
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For Art's Sake
If you grow up in New Orleans you learn to appreciate art (and food and music and parades, etc.), so it's appropriate to share a bit of art with our readers.
The parable of the Good Samaritan offers us a wonderful lesson in generous, even sacrificial giving. An unknown artist painted the beautiful icon below which captures the story of the Good Samaritan as told in Luke 10:25-37. What I like most about this style of art is how it shows several parts of the story in one frame. There is a seamless movement from the robbers, to the "religious leaders" ignoring the injured man, and the helpful Samaritan.
What we learn from the parable is mercy, sacrifice, and genuine concern for the welfare of others (also known as love).
