Smart Tips for Year-End Charitable Giving
Learn how to get the most out of your end-of-year charitable donations in this Q&A between Amanda Steyer, Esq., Cleveland Clinic Philanthropy’s executive director of gift planning, and Randy Carver, CRPC, CDFA.
Amanda Steyer: Randy, in a recent presentation you called 2025 a “strategic year” for charitable and gift planning. Why is that?
Randy Carver: 2025 is the last full year before several major tax law changes take effect in 2026. Right now, donors can make the most of today’s favorable rules for charitable deduction. Beginning in 2026, new limits will reduce the overall tax benefit for many individuals. So, that means 2025 is an especially good year to review your giving strategy and consider whether accelerating future gifts makes sense for you.
AS: You mentioned a new 0.5% Adjusted Gross Income (AGI) floor on charitable deductions. How might this affect donors next year?
RC: It’s an important change, especially for middle-income taxpayers who itemize deductions. Starting in 2026, the first 0.5% of your AGI given to charity won’t be deductible. For example, someone earning $250,000, their first $1,250 of charitable giving won’t reduce taxable income. That may not sound like much, but it adds up. By contrast, in 2025, the full amount can still be deducted. For those who make charitable contributions every year, “bunching” or front-loading a few years’ worth of gifts in 2025 could preserve the full value of the deduction while supporting the causes that are important to them.
AS: What are some practical gift planning approaches for donors to consider this year?
RC: Several strategies stand out, including:
- Front-loading gifts – Making several years of charitable contributions in 2025, particularly through a Donor-Advised Fund (DAF), lets donors claim the full deduction now while distributing grants to charities over time.
- Donating appreciated securities – Giving stock that has increased in value can help avoid capital gains tax while providing a deduction at full fair market value. For example, donating $250,000 of long-term appreciated stock in 2025 can avoid around $40,000 in potential capital gains tax—benefiting both the donor and the charities they support.
- Qualified Charitable Distributions (QCDs) – For individuals age 70½ and older, up to $105,000 can be transferred directly from an IRA to a qualified charity. This gift never counts as income and isn’t affected by the upcoming deduction limits.
AS: Are there any other advanced giving options that may be worth revisiting this year?
RC: Definitely. 2025 is ideal time to evaluate Charitable Remainder Trusts (CRTs) and Charitable Lead Trusts (CLTs). CRTs can provide lifetime income while supporting charities in the future, and CLTs can help transfer assets efficiently to family and charity, especially before estate and gift tax exemptions are reduced in 2026. Business owners may also want to review corporate giving, as new deduction floors will soon apply there as well.
AS: What message are you sharing with clients as they plan for their year-end giving?
RC: Strategic giving in 2025 isn’t just generous—it’s smart planning. Acting now allows donors to maximize current tax benefits, avoid the new deduction limits, and make an even greater impact on the organizations and causes they value most. Strategic giving this year can create benefits that extend well beyond 2025—for you, your family, and your community.
To learn more about how your giving can make an impact at Cleveland Clinic—today and in the future—please contact the Gift Planning Office in Ohio at 216.444.1245 and in Florida at 786.914.1406, or by email at giftplanning@ccf.org. Our team is here to help you explore charitable strategies that align with your goals and make a lasting difference in the lives of others.
Feeling Blessed, Philanthropy Becomes a Priority
Last year, Mike and Sue White advanced the renovation of Cleveland Clinic Indian River Emergency Room with a $2 million gift through their MSLPJ Family Foundation – each initial in the name representing a family member – Mike, Sue, and their children Lara, Paul and Jen.
The White Family Foundation has a particular but not exclusive focus on health and education.
“We know good physical and mental health are prerequisites to a happy and productive life -- and education is the most important tool to lift oneself up from poverty,” Mike says. “There’s not enough money to solve every social problem for 330 million people in this country, much less 6 billion in the world. But we try to make a difference where we can in causes that are important to us.”
Investing in Healthcare for the Community
A year prior to making their initial gift, the couple had gotten a close-up view of the ER when Sue fell and was admitted to the hospital for a short stay. While the couple was delighted with the care and treatment Sue received, they knew continuous improvement and expansion of the hospital was critically important to Indian River County, Florida.
“We’re thrilled to have the expertise, talent and network of Cleveland Clinic,” Mike says. “But there are all kinds of challenges in the healthcare field, just as there are in any business. They’re doing a superb job in trying to make Indian River Hospital a world-class facility. We’re lucky that they decided to come to Vero Beach.”
This year, the White family invested another $2 million that is allowing Indian River Hospital to purchase a high-performing robotic-assisted bronchoscope and transform patient and caregiver spaces to create brighter, more welcoming and more comfortable environments. A new cafeteria, upgraded furniture and “Code Lavender” rooms are providing quiet space for physicians, nurses and staff to recharge during demanding shifts—supporting the hospital’s mission of providing continuous compassionate care.
“We’re interested in pushing innovation for the organization more broadly,” Mike says. “One of the things donors always want to see is measurable impact. And I think in that regard, the hospital’s done a terrific job,” he adds.
Sharing Their Blessings
Married 52 years, Mike and Sue White met while in high school in a suburb of Boston where their three married children and nine grandchildren still live. Mike and Sue split their time between their home in Vero Beach and a home in the village of Osterville on the south side of Barnstable, Massachusetts, on Nantucket Sound.
“I believe ‘to whom much is given, much is expected,’” Mike says. “We’ve been very fortunate.”
Mike is the former CEO of DirecTV and has also served as Chairman and CEO of PepsiCo International, beginning his career as a management consultant at Bain & Company and Arthur Andersen & Co. He is a member of the board of Bank of America, Vice Chairman of the Partnership to End Addiction in New York City and was just named Chairman of the Board of The Learning Alliance, a nonprofit in Indian River County, nationally recognized for its literacy achievements. Mike also is an alumnus and former trustee of Boston College, as well as an alumnus and member of the advisory board for Johns Hopkins School of Advanced International Studies.
“My time at PepsiCo taught me how fortunate I was to live in this country and have the parents I had,” Mike reflects. “I traveled to a lot of poor countries. We are very blessed to be living here.”
While Mike and Sue devote much of their time to their philanthropic activities, they enjoy spending time with their family, traveling around the world and indulging in quiet dinners out. Also, Sue excels in crafting and Mike is a pianist. Sitting for his first lesson at the age of 8, Mike now mostly plays for himself, family and friends, favoring jazz, ’60s pop, Irish tunes, contemporary music and Christmas carols. One of Mike’s favorite pieces is “Moon River,” the wistfully hopeful song from “Breakfast at Tiffany's” that ponders rainbows, dream makers and huckleberry friends – possibly the perfect metaphor for Mike and Sue’s philanthropic journey.
“When you’re young, you prioritize your family, your marriage and your kids, and whatever business you are involved in trying to make a difference,” Mike says. “When you retire, you have to take a step back. … How do you rethink your purpose on this planet? In our minds, the most important thing is where and how we can give back.”
Mum Ball Celebrates 30 Years of Generosity and Community
What began as a small gathering of passionate neighbors has grown into one of the community’s most beloved traditions. This year, the 30th anniversary of the Chrysanthemum Ball, fondly known as the Mum Ball, brought that legacy to life in unforgettable ways.
More than 200 guests arrived at Hutchinson Shores Resort and Spa on November 15, to a ballroom filled with blooming mums, music and memories. For thirty years, the Mum Ball has helped turn generosity into incredible impact, advancing the care patients receive every day at Cleveland Clinic Martin Health.
This milestone year was no different. The community came together with remarkable generosity to show their unwavering support. Prior to the event, Co-chair Betsy Herold pledged a generous $100,000 in matching funds to inspire community giving, and during the reception, an exciting paddle raise helped bring the total to nearly $800,000 raised. Proceeds from the event will ensure continued investment in innovative programs and expanded services, such as Emergency Department renovations and an upgraded cardiac catheterization lab.
Chirag Choudhary, MD, Vice President and Chief Medical Officer of Cleveland Clinic Tradition Hospital and Interim Vice President and Chief Medical Officer of Martin North and South Hospitals, shared his appreciation for the community’s ongoing commitment.
“The Chrysanthemum Ball represents the very best of who we are as a community. For 30 years, your generosity has fueled innovation, expanded access to care and allowed us to deliver excellence where it matters most — right here at home.”
As the last three decades are honored, there also is excitement for what lies ahead. The legacy built by Mum Ball supporters continues to inspire new possibilities and a future where every patient benefits from the impact of philanthropy.
