Many of us want to support our communities and the causes we care about. With significant cut-backs to corporate giving, and government grants, now is the time to explore the many different ways we can help.
Charitable organizations thrive on the Three Ts: Time, Talent, and Treasure. There are few of us who have all three of those things. Those who have time or talent can volunteer. Some have funds and would also like to mitigate taxes. Some would like charities to receive their assets when they are no longer here.
- Gifts of stock, or other assets: Many people have appreciated stock that they're holding onto because they don't want to incur capital gains tax. Did you know that you can gift it, not owe any capital gain tax, and potentially get a tax deduction?
- Gifts of a home or other real estate: For many of us, our home is the most valuable asset we own, but we can't give it away, we need to live in it! Giving a home can be a valuable gift, yet many charities are not equipped to receive real estate. There are strategies we can discuss to facilitate your wishes.
- Life Insurance: There are several strategies, including naming a charity as your beneficiary, or gifting your policy.
- Qualified Charitable Contributions: rather than take a taxable Required Minimum Distribution, consider a charitable gift directly from your IRA.
Flexibility is important in a charitable giving plan. Organizations change, our wishes might change, etc. We might want to make certain tax deductions in one year, but gift in a structured way over time. If flexibility is important to you, consider a Donor Advised Fund. We would work together to ensure your wishes are met, even after you're gone.
A charitable giving plan can provide for the communities, charities, and organizations you care about, with flexibility to make changes if you choose, and can provide tax benefits as well. Schedule a Consultation to discuss.
