For millions of Americans, “charity begins at home.” That’s where they’ve decided to make a difference by donating money to local religious, educational, social, or cultural organizations. In addition to the immense satisfaction that comes from giving to others, when done as part of an overall estate plan, charitable giving can provide tax benefits for the donor and his or her heirs (IRC Section 170(a) through (c)).
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Family Foundations—Benefits Stretch Beyond Charitable Giving
Many affluent individuals view the family foundation as a means for meeting specific philanthropic goals. For some, it also creates visible evidence of a donor’s charitable intent. However, a family foundation also can serve two unique purposes within the confines of familial walls. A foundation can assist an affluent donor in maintaining the integrity of his or her charitable intent for many years into the future, as well as helping to inspire the character, sense of community, and knowledge of future generations.
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Charitable Giving—Good for the Heart and Your 1040
It may be better to give than to
receive, but it is even better to give and see your generosity
rewarded. Charitable donations can play a valuable role in your
financial and tax strategies. A well-planned gift to charity could
produce the following benefits:
- The chance to be more involved in charities close to your heart
- An income tax deduction or reduction
- A reduction (or avoidance) of estate tax
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Complexity Reigns When Claiming a Charitable Deduction
When contemplating making a significant gift, the charitably inclined are well advised to exercise some foresight. Similar gifts made in different ways will yield remarkably different results. The treatment of your gift for federal tax purposes will vary depending on the type of asset donated, the type of charitable organization receiving the gift, and your individual circumstances and overall tax status.
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