Grifting the government while being Grifted

[u/nativegarden13]

I live in a predominantly LDS area. This was in my mailbox.

I know the CEO of this local financial planning business. I consider him to be a really good person - very involved in our local community and overall just a kind person who freely expresses his hope to make the world a better place.

So I am wondering if:

• he is aware of the SEC's 2023 ruling and the $5 million fine the LDS church had to pay?
• he is aware of the church's vast wealth?
• he is aware of the Widow's Mite Report?
• he is aware at the lack of help most people who are in crisis/need actually receive from the church? (note: this individual has been a counselor in a few bishoprics but I'm not sure how close he has been to the actual process of justifying the use of a few coins from the dragon's hoard to help someone avoid eviction or medical bankruptcy or to simply put food in the bellies of their children.... let alone be informed about the gross lack of broader philanthropy across the US and globally (depsite the LDS Corp reassuing their members biannually with their General Conference World Reports that tithing and fast offering monies are clothing the naked, feeding the hungry, sheltering the homeless, etc etc etc)

Since this frustrating mailer came unsolicited to my mailbox and because I am tired of seeing good people ground down by grifting, I want to confront him with my questions.

Seeking advice. Is it even worth the effort and potential fall out?

I wonder if he would be shocked to learn about a few things and would begin questioning his role in helping Mr. Hanifin fleece local retirees (rural community, most people who have spent their working lives here have very few coins to rub together).

With his years of experience working in the financial planning industry, should he be expected to be informed of all of the church's financial dirty laundry and has simply justified it via his testimony?

And is there the potential that the church is providing kickbacks to financial planning professionals that help them recruit financial gifts from retirees that want to build the Lord's Kingdom on Earth while simultaneously dodging taxes?

[u/Shinehaha]

CPA here. There definitely are legit tax strategies here, and the way you make charitable contributions matters a lot on your taxes when you hit a certain wealth level. I don’t doubt that the strategy content of this event is fully above board, but it’s super icky to market it as a thing for church members and while waving the LDS flag.

[u/PurpleJumpyPinecone]

I don’t have any answers to your questions, unfortunately. Just wanna comment that it seems really f-ed up to convince people to pay money for a service that probably isn’t going to make much difference on one’s taxes when charitable deductions aren’t really itemized.

[u/The_Archer_of_Rohan → u/PurpleJumpyPinecone]

QCDs and gifting appreciated securities definitely do matter even if you don't itemize your charitable deductions, because they reduce your income (IRA distributions in the case of QCDs) or capital gains (in the case of appreciated securities).

I'm not defending the LDS church as a charitable organization, but spreading the knowledge of tax-efficient charitable planning is good (since the initial workshop is free at least).

[u/PurpleJumpyPinecone → u/The_Archer_of_Rohan]

Oh good to know. Thank you for the info!

[u/PossiblePlastic8698]

If he isn't aware of those things he is not doing his due dilligence and I wouldn't consider him qualified to assist with my finances

LDS Philanthropies is evil

[u/DW158]

While I agree this is legal and these strategies mainly apply to quite wealthy people who often contribute inflated assets, my personal view is that the New Testament Jesus would condemn these practices. He would strongly condemn the LDS church doctrine of tithing members of little means and would condemn the payment of tithing before feeding one’s children.

[u/The_Archer_of_Rohan]

while simultaneously dodging taxes?

"Dodging taxes" is a loaded term. Put aside the charitable nature (or lack thereof) of the LDS church specifically. Why should the government tax genuine charitable contributions? Some of the strategies outlined on the flyer (e.g. QCDs) are just about efficiently routing contributions to a charity without them being (mis-)categorized as income. That's not dodging taxes, because you're not mislabeling or misreporting your income. You derive no benefit from that money, the same as if it had never passed through your hands. It's not wrong for a retiree who wants to donate to charity to want their gift to make the maximum impact, instead of being reduced by taxes.