Some thoughts about exercising wise stewardship.
Posts Tagged: charity
It is not easy for nonprofit organizations to secure new funding sources every year. When a regular donor passes away, the organization is often left with a desperate need to replace the funding. If you want to avoid this happening to your favorite charity, you can leave an endowment in your estate plan for a lot less money than you probably think.
Here are some things you should consider if you are charitably inclined this Holiday Season.
By creating a Charitable Remainder Trust (CRT) and selling assets low basis assets through it, a donor can reap dramatically increased income, get a nice income tax deduction, and benefit a favorite charity. Not a bad way to recover from an IRS-induced April 15 headache.
An important piece of the new tax act is the extension of a great way to make charitable gifts through your IRA. The only catch is you have to be 70-1/2 or older to take advantage of it.
Estate taxes are completely optional for those who are motivated to avoid them. A special wrinkle in the law provides a rare opportunity to make gifts to charity and your loved ones without the IRS or Congress getting their hands on your assets after you are gone.