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. Others would like to support institutions that had a positive influence on their lives, while some have found a cause that they are passionate about and want to see it succeed.
Presently, the tax code offers incentives for gifting assets or incomes to registered charities. Tax deductions are given for current contribution as well as inside an estate.
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 those with charitable ambitions.
Establishing a strategic and flexible approach to philanthropy to ensure long-term family unity and legacy preservation is important. We can assist you in developing a plan that puts your philanthropic vision into action and helps your family achieve its broader goals.
For more information on charitable planning, please contact us today.