2/20/2018

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Donations To Charity

Charities help millions of people every day who are in distress or in need of the very basic necessities for survival, such as food, shelter, medical attention, clothing, or a place to simply rest their heads.

The work that charities do and the benefits they provide usually go unnoticed, until there is a crisis, but if you take a close look around you, you will find that charitable organizations are always needed and the work they do is never ending.

When planning your estate, the donation of a portion of your assets to charity is a way to leave a lasting impression of good will and inspiration to others, and it will be remembered as a part of your legacy.

And there are tax benefits to leaving a part of your estate to charity. The way you choose to leave your assets may significantly lower your tax burden.

  • As an outright, irrevocable gift from you during your lifetime in which the charity gets an immediate benefit.
  • Gift to charity reserving life income. You can bequeath an income producing asset to charity, but continue to collect the income until you die.
  • Bequest under will is revocable and gives the donor the right to change his or her decisions in the future.
  • Conservation easement is a legally binding trust agreement that adds permanent restrictions on the development and use of your land, and allows a charitable tax deduction based on value of the development rights.
  • Lead interest to charity with the remainder left to family members in which the initial earned interest passes to charity and later, the remainder interest passes to the family of trusts' creator.

The way you leave the assets to charity may be at a minimal cost to your heirs while maximizing the benefits to the particular charity. Each method has it's own benefits so you need to research the option that will work best for you.

Charitable donations are deductible from income taxes, federal taxes are reduced, and it may totally void out capital gains.

Because tax laws change constantly, before deciding to donate any portion of your estate to charity, it is advisable to check with a tax attorney or a professional estate planner.

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