Charitable Giving

Many people want to give to charity but they don’t know where to start or they don’t think they have the assets to make a significant contribution. Charitable giving is an option for people in every tax bracket, and there are benefits to giving both in life and after death.

Along with generating and preserving wealth for your own family, you may wish to provide income to organizations and/or causes you strongly support. Our experience in financial and estate planning works with the other pieces of the puzzle to help ensure that your wishes are carried out.

In addition to planned giving, there are situations in which people have highly appreciated assets that aren’t being used in personal cash flow. For these people, it may be important to invest in a way that facilitates giving to earmarked charities in a tax-efficient manner. We work with you and your attorneys to develop a strategy that is most beneficial to your portfolio and your charity of choice.

Everyone has their own reason for gifting their assets or a portion of their income to charitable organizations.  Some find comfort in helping others who are less fortunate, while others simply want to share their good fortune.  Many of the institutions of art, sciences and education are supported in large part by those who want to give something back in appreciation for their contributions to the community or the individuals themselves. 

Presently, the tax code offers incentives for gifting of one’s assets or incomes. Tax deductions are given for current contributions and, for estate owners, charitable gifts can reduce the size of the estate to help minimize estate taxes.

Often times, an individual will designate a charitable beneficiary in their will to benefit the organization after the individual dies.  By using charitable gifting techniques, a donor may be able to benefit the charity while living without having to sacrifice the income that an asset can generate.  Understanding how properly structured charitable gifts can provide current benefits for both the donor and the charity could be important for the charitably inclined.

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