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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 they die. 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.
A Family Foundation provides an excellent vehicle to further a family's charitable objectives while also allowing family members a role in the administration of the foundation, thereby preserving and enhancing family values. Working with a family's attorney and CPA, HCO Private Wealth can facilitate the setup and administration of a family foundation.
Donor Advised Fund
A Donor Advised Fund can provide an efficient way to gift to charity while also providing some significant tax benefits for those gifting appreciated stocks. The ability to make anonymous gifts and the streamlined nature of a donor advised fund make these ideal vehicles for those who give to charity on an irregular basis.
Charitable trusts come in a number of versions and can play an important role in retirement planning by allowing the division of income and principal. The donor can retain a lifetime income stream with the principal going to a charity or vice versa — providing the income to the charity and the principal to family members. HCO Private Wealth can work with your family's attorney and CPA to set up and administer a charitable trust.
For more information of charitable planning, please contact us today.