Charitable Giving

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

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

Often, 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 benefit the charity while living without sacrificing 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 necessary for the charitably inclined.

Charitable planning involves tax issues that should be discussed with a qualified tax or financial professional.

For more information on charitable planning, please contact us today.