July 03, 2023

Lance Wood, Retired CPA and Area Director for NCF, on Stacking Generosity Multipliers Through Strategic Tax Decisions (Ep. 75)

50 minutes

Lance Wood is a retired certified Public Accountant (CPA) and Area Director for the National Christian Foundation (NCF). Lance shares his journey from a successful career as a numbers-driven tax partner at PricewaterhouseCoopers to finding fulfillment in helping generous Christians maximize their giving through tax-efficient strategies. We explore the transformative power of generosity, the importance of combating materialism, and the intersection of faith, generosity, and tax savings. Lance’s expertise and personal experiences provide valuable insights into unlocking the potential of charitable giving and making a lasting impact.

Throughout the interview, Lance highlights the power of donor-advised funds as a platform for charitable giving. He explains how leveraging appreciated assets, such as businesses or real estate, can significantly increase the impact of donations while providing tax advantages. Lance emphasizes the benefits of gifting before a transaction occurs, allowing donors to maximize tax savings. We also delve into the concept of fractional interest giving and how it offers control, tax advantages, and increased giving potential for businesses and real estate.

Topics covered include:

Leveraging donor-advised funds as a platform for charitable giving

Unlocking the potential of appreciated assets to maximize tax benefits and donations

Gifting before a transaction occurs for significant tax advantages

Fractional interest giving for businesses and real estate

Understanding the abundance-mindset and responsibility that come with wealth

Participating in God’s unfolding plan through generosity

Addressing the massive needs in the world

QUOTES TO REMEMBER

“Generosity is not just about benefiting others, it’s about transforming our hearts”

“You have to surround yourself with people who are generous”

“Generosity moves people towards Jesus.”

“Long-term capital gains tax is an optional tax”

“God is moving right now. And we have a choice. Are we going to step into God’s plan?”

LINKS FROM THE SHOW

National Christian Foundation (see our interview with President Emeritus, David Wills)

Ronald Blue Trust (see our interview with founder, Ron Blue)

Faith Driven Entrepreneur

Faith Driven Investor

Henry Blackaby

Helping Hands Charitable

The Finish Line Community Facebook Group

The Finish Line Community LinkedIn Group

BIBLE REFERENCES FROM THE SHOW

1 Corinthians 3:11-15 | Building on the Foundation of Jesus

For no one can lay a foundation other than that which is laid, which is Jesus Christ. Now if anyone builds on the foundation with gold, silver, precious stones, wood, hay, straw— each one’s work will become manifest, for the Day will disclose it, because it will be revealed by fire, and the fire will test what sort of work each one has done. If the work that anyone has built on the foundation survives, he will receive a reward. If anyone’s work is burned up, he will suffer loss, though he himself will be saved, but only as through fire.

Matthew 14:13-21 | The Fish and the Loaves

WE WANT TO HEAR FROM YOU!

If you have a thought about something you heard, or a story to share, please reach out! You can find us on Instagram, Facebook, and LinkedIn. You can also contact us directly from our contact page. If you want to engage with the Finish Line Community, check out our groups on Facebook and LinkedIn.

...more