Philanthropy

On behalf of all charitable organizations, a heartfelt THANK YOU for your consideration in sharing your wealth. There are a lot of options and sometimes very involved rules in executing a Philanthropic goal that maximizes the benefit for you and your favorite charity. Below are a few options for giving. Please contact us to determine the best option for your situation.  Also, call us if you have a sophisticated situation and would like additional giving options not mentioned below.

Cash, Check and Credit Card – the simplest way.

Appreciated Property
Publicly traded stock, closely held stock, real estate.

Donor Advised Fund
A donor-advised fund allows donors to make contributions to the charity, become eligible to take an immediate tax deduction, and then make recommendations for distributing the funds to qualified nonprofit organizations on the donors own timetable.

Bequest
A bequest is as simple as adding or changing your will. This is the most common planned gift and it may provide you with valuable estate tax savings.

Private Foundation Assets
Existing private foundation assets may be converted into a donor advised fund. This enables you to retain the name and purpose of the private foundation while alleviating the administrative and compliance functions.

Life Insurance
One way to make a significant contribution is to use a life insurance policy naming a non-profit organization as a beneficiary.

Charitable Remainder Trust
A tax-exempt irrevocable trust designed to reduce the taxable income of individuals by first dispersing income to the beneficiaries of the trust for a specified period of time and then donating the remainder of the trust to the designated charity.

Charitable Lead Trust
A trust designed to reduce beneficiaries’ taxable income by first donating a portion of the trust’s income to charities and then, after a specified period of time, transferring the remainder of the trust to the beneficiaries.

Pooled Income Fund
A Pooled Income Fund works much like a mutual fund. You receive a variable amount of income each year for life for up to two income beneficiaries, and the assets ultimately go to benefit your charitable goals.

Qualified Retirement Accounts
You can update or change beneficiary information on your retirement account and leave all or a portion to your favorite charity.

Life Estate
If you own valuable property that you would like to use during your lifetime, but make arrangements to leave it to a qualified charity upon death, you may receive a current income tax deduction and future estate tax deduction

Above is for informational use only and should not be used as tax advice.  Please consult your accountant, estate planning attorney or other advisors regarding these matters.