Philanthropic Planning
Most people understand the need to plan for retirement, education and legacy goals; they follow strict guidelines and savings programs to meet their needs. Yet, when it comes to planned giving, most give with their hearts whenever the desire arises.
If instead, you made a conscious, planned decision about giving you would realize a number of key benefits, such as:
Increased Giving
Did you know that the actual out-of-pocket cost of a charitable gift may be substantially lower due to savings from the income tax deduction? This may inspire one to give more or to allocate the tax savings toward a different goal, thus achieving multiple objectives with a single gift.
Coordination with Your Plan
When you organize your financial picture, you gain a level of understanding about how much they can give without compromising other goals. Armed with this information, you might be able to allocate more to charity than you previously thought possible.
Income tax savings
This is the most obvious benefit. When you give to a qualified charity, you can potentially take a tax deduction by claiming the gift as an itemized deduction. But, did you realize that capital gains taxes can also be eliminated? Many of our clients are able to donate appreciated assets, such as mutual fund shares with a low-cost basis. By donating in this manner, you can potentially eliminate capital gains taxes and make a larger gift than if you were to sell the assets, pay capital gains taxes and donate the after-tax proceeds.
Our advisors help you to understand the tax rules and coordinate your charitable giving strategy with your financial plan. Working in this manner often leads to strategies that provide for larger gifts to charity and greater tax savings for the donor.
