 Charitable Giving Strategies
The
Sundvick Legacy Center encourages and assists the tradition of giving to
charitable causes. In addition to the many personal rewards inherent in
making a charitable gift, most gifts also provide a current charitable
income tax deduction. However, some also can save capital gains taxes,
increase income, and provide you, or whomever you designate, with an
income for life. Additionally, these types of gifts may provide an
estate tax deduction — an important consideration in planning your
estate.
If given the choice between paying taxes (involuntary
philanthropy), or making a charitable gift (voluntary philanthropy),
most people would choose the latter, because it gives them the benefit
of knowing who the money will benefit and how it will be used. The same
cannot be said for money paid to the U.S. Treasury. We help clients make
their charitable gifts impact the community and practice good
stewardship in the most tax-efficient manner.
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"People want to
know that their decision to use charitable donations as a tool makes a
difference they value — not only to their tax savings."
— Lizette Sundvick, Esq.
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There are many different ways to make charitable gifts:
- A charitable remainder trust or a charitable gift
annuity will give you an immediate income tax deduction, a
lifetime stream of income, and a waiver of capital gains taxes owed
on contributed property.
- A charitable lead trust creates an income stream to
charity for a term of years with the remainder of the trust going to
your children without any estate or gift tax consequences.
- A donor advised fund allows you to maximize your income
tax savings on your regular monthly or weekly contributions to
church or charities.
- A private foundation offers you the complete freedom to
control amounts given by placing restrictions on how your gifts are
used by charities.
Charitable Giving Strategies: Voluntary Philanthropy
Follow the link below to Voluntary Philanthropy for an
easy-to-understand presentation about charitable giving strategies. Feel free to use the integrated functions to
print any page, bookmark it to return later, or forward a copy to your
friends, family members or financial advisor.
 Voluntary
Philanthropy
Are there
any programs funded by the federal government you personally consider
nonessential and perhaps even wasteful? Perhaps there are private
sector charities you deem more worthy of your tax dollars? Chances are
you already support these charities. If so, then you really should know
about IRC § 664 and how you may turn your involuntary philanthropy
(taxes) into
tax-savvy voluntary philanthropy.
Click here to learn about Charitable Giving Strategies: Voluntary
Philanthropy.
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