Planned Giving

An Introduction

When considering any plan for giving, there are many factors to include in your decision-making process. The first concern is making sure your personal financial needs are met, followed by the needs of family members or others you would like to assist. Once your needs and those of your family have been met, you may want to consider making gifts to a charitable organization.

Fortunately, the United States tax code provides financial benefits to people who make gifts to charitable organizations. In many cases the tax savings generated from making gifts can be significant.

With significant tax savings you may be able to provide family members with the inheritance you want them to have and still be able to make substantial gifts to your favorite charity.

There are three types of tax advantages you may receive through making gifts.

First, when you make a qualified gift to a charity you can typically deduct the full fair market value of the gift from your income taxes (with some limitations).
The second type of tax advantage involves gifting the asset in a way that reduces or eliminates your liability for payment of capital gains taxes when you sell assets. Through well thought-out planned gifting, these capital gains taxes can be reduced or even eliminated.
Finally, for estates over a certain size there are estate taxes that can also be reduced or eliminated through gifting.

Please note: The information on this site is not intended as legal, tax or investment advice. For such advice, please consult a professional advisor of your choice.

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