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Gifts
Made During Your Lifetime If your
financial position is sufficiently strong, you may want to
consider giving a gift outright during your lifetime. If you are
like most, you will enjoy seeing firsthand the direct results of
your gift in addition to benefiting from certain tax advents
that may accompany your gift. In addition, because not-for
profit organizations are not required to pay tax on capital gain
the charity you select benefits from the full value of your
gift. You may choose to give a gift of cash or marketable
securities. Or, you may give a gift such as real estate, a car
or even a special collection that the charity may keep or sell.
Within limits, you may deduct the full market value of the items
you donate on your federal income tax return.
Gifts
Under Will
another way of giving involves remembering a charity in
your will or trust to take effect at your death. You note in
your will or trust which assets stay in your name and under your
control and you can amend or revoke your decision whenever you
like simply by modifying your will or trust.
If a federal income tax deduction during your lifetime is not
an important part of your decision to make a significant
bequest, a gift under a will may be an appropriate approach. In
addition the value of a gift under a will reduces your taxable
estate a corresponding amount—which may be beneficial to your
heirs.
The
Charitable Remainder Trust
If your situation warrants, incorporating a charitable
remainder trust into your estate plan can yield significant
immediate and long-term benefits for you, your beneficiaries,
and the charity you select. Your estate planning attorney
develops a trust document that provides for an income payout to
go to you and/or your beneficiaries while living, with the
“Remainder” eventually going to the not for profit organization
you designate. A charitable remainder trust can be funded with
cash, securities, or non-financial assets.
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