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A Lasting Memory

Everyone recognizes the need for a charitable organization to receive gifts to successfully perform its intended function. Most are aware that outright gifts to a not-for-profit organization may be tax deductible. What they may not beware of is that there are a variety of ways in which a gift can be made which provide additional benefits that may be awarded to the donor:

  • Bequest: A charitable gift left through a will.
  • Charitable Remainder Trust: A conveyance of assets to a trust which allows the income of an asset to be used during the donor's life with the balance remaining after the death passing to the charitable institution.
  • Charitable Lead Trust: Allows a donor to pass immediate income to a charity while passing assets on to an heir at a reduced tax.
  • Revocable Living Trust Agreement: A trust that is created for the purpose of avoiding probate and perhaps avoiding the need for guardianship. A gift can be made part of the terms of a trust which becomes effective on death.
  • Life Estate Agreement: Allows for real property to be utilized by the donor during his or her lifetime, with the property passing to the charity or death.

There are also numerous methods of making gifts which provide immediate tax benefits. One such method allows a donor to give assets such a stocks or real estate, with a deduction being allowed for the entire value of the asset without having to pay tax on the increase in the value of the asset. For example, if a stock was purchased for $1.00 and has increased in value to $10.00 and gifted, the donor would receive a charitable tax deduction on the $9.00 of increased value.

A charitable organization can only survive based on donations. Fortunately, there are numerous ways in which a donation can be beneficial to both the organization and the donor. If you have an interest in finding out how to take advantage of these rules, please contact your tax advisor, attorney, or contact us for further information.