Most people give to charity the same way every year: a check, a credit card, an online donation in December. If you also own stock, real estate, crypto, or a business that has grown substantially in value, that habit is likely costing you money. The most tax-efficient gift you can make is usually not cash. It is the asset you would otherwise have to sell and pay capital gains tax on.

High-net-worth individuals can benefit significantly from strategic year-end tax moves, but each of these techniques carries specific risks.