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Fountain Professional Group, Inc. |
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Giving Information:2005 Statistics |
CHARITABLE GIVINGOver the years we have had the pleasure of helping individuals and families experience the joy of giving. Many have taken the opportunity to make a difference in the lives of other people by helping to fund programs, research, religious programs and ideals. When one has an interest in charitable giving there are many different ways to structure the donation to maximize the gift and to take advantage of favorable tax laws. When a gift is structured properly it will not only increase the benefit to the charity but also to the family. There are many tools and techniques of charitable giving. Let us help tailor a strategy that will fulfill the desired goals that you want to achieve in charitable giving. Our experience will help you to narrow your options so that it will be easier for you to make the right choice.
Strategies · Charitable Remainder Trust - With this type of gifting strategy, you may donate an asset while retaining a lifetime income interest in the donated asset. A percentage of the total value of the assets in the Charitable Remainder Unitrust will be paid to you each year. A portion of the property's value is deductible for income tax purposes since a nonprofit receives the assets remaining in the trust after your death or after a specified number of years. In addition, this special type of trust can sell appreciated assets, tax-free, and reinvest the proceeds of the sale to generate greater personal income for you. · Charitable Lead Trust - This type of trust is, essentially, the reverse of the Charitable Remainder Trust since the nonprofit receives the income generated from the assets placed in the trust. When the trust ends, the property placed in the trust passes to your heirs. In most cases, the Charitable Lead Trust will enable you to eliminate estate and gift taxes on the property placed in the trust. · Charitable Gift Annuity - With a gift annuity you can transfer a sum of money to a nonprofit and, in return, you receive a guaranteed lifetime income and tax deduction as well. · Gift From Will or Trust - Often times, people will make charitable gifts in their will or trust. The benefits of this type of gift are the ease of setting it up, possible tax benefits and the ability to make the gift so that the charitable distribution is made after family obligations are met. · Outright Gifts of Appreciated Assets - Simple outright gifts of marketable securities, cash and other assets can enable you to make an immediate impact via a gift which helps a nonprofit now, rather than later. Outright gifts can also give your immediate tax benefits as well, depending on whether you itemize your deductions or not. · Gift of IRA or Other Retirement Assets - Recent tax law changes have made this type of gift quite attractive by enabling you to take a tax-free distribution from a retirement asset in order to make a charitable gift. This gifting strategy can generate substantial tax savings for individuals with significant retirement assets. · Donor Advised Gift Fund - Similar to private family foundations, yet much more simple and economical. How this works is that you can create a gift fund which can provide endowment type of support to Christian nonprofits. You can even have your children get involved by enabling them, after you have passed away, to help you decide how the annual endowment gift is distributed to designated nonprofits. In this way, you can teach your heirs the important lesson of "giving back" to support the values and causes you supported during your lifetime. People are often surprised at how one of these strategies can be a very satisfying way to financially support their favorite charity using resources that may otherwise be lost to taxes and other estate costs. We would be happy to show you how one or more of these planned giving strategies could enable you to meet your charitable objectives and tax planning goals. If you would like our assistance, feel free to contact us.
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