BENEFITS OF MAKING CHARITABLE GIFTS
“Remember there’s no such thing as a small act of kindness. Every act creates a ripple with no logical end.” – Scott Adams
When making charitable gifts, you and the charity may benefit in a number of different ways:
- The charity receives a gift it can count on to further its cause.
- In most cases, the charity benefits from the full value of the asset transferred since transfer taxes may not apply.
- You may benefit from the savings associated with a charitable income tax deduction.
- You may be able to avoid a lump-sum capital gains tax on a highly appreciated asset.
- You may achieve significant gift tax savings and reduce estate taxes.
- You may be able to retain an income stream form the transferred asset for life or for a period of years.
- You can diversify a concentrated stock position without incurring immediate taxes.
- The asset given to charity can be replaced at a discount with life insurance.
Source: John Hancock Comprehensive Charitable Planning Client Guide
HOW YOU AND YOUR POTENTIAL DONORS MAY BENEFIT FROM "JOURNEY BEYOND SELF"
- We can be an objective and independent sounding board that perspective donors can confide in.
- People may be open to donating, but aren’t confident that they’re able to. We’re able to evaluate giving in conjunction with an individual’s overall financial, tax, estate and investment situation.
- Offer suggestions on the best way to donate, or which assets are best suited for their giving objectives.
- We may be able to assist potential donors with solutions on how to implement a giving program now while still accomplishing their beneficiary objective(s) thus enabling them to experience the joy of giving.
- We can suggest strategies that take advantage of current tax laws.
- Provide ideas on how to accomplish gifting with illiquid assets (such as a home, property or business).
- We may be able to offer strategies that enable existing donors to give even more.
- We offer a free 1040 (tax return) review to analyze taxes from the standpoint of giving.
- Because we are not affiliated with, nor do we promote any particular charity, we’re able to assist your potential donors in support of your organization.