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Charitable Giving

Do you want to make a difference? Maximize the impact of a gift! A planned gift enables individuals to be good stewards of the largest assets they typically own - retirement accounts, homes, businesses, life insurance policies, etc. Donors benefit by advancing a ministry or other organizations while often receiving significant lifetime income and tax benefits.

A gift of appreciated property is often smart giving. For example, stock acquired many years ago may now have considerable value. Selling the stock may trigger a large capital gains tax. Donating the stock to charity would allow the donor to take an income tax deduction based on the current value (not the purchase price). The capital gains tax is avoided. In addition, the asset will no longer be subject to estate tax. This technique can work with other types of property such as real estate.

The gift can be used to provide lifetime income. For example, the gift can be combined with a Charitable Remainder Trust (CRT). In a CRT, the donor captures the same tax advantages listed above plus a lifetime income stream. At death, the principle remaining passes to the charity.

Here are a few techniques for smart giving:

  • Wills/Bequests - It is estimated that 70% of Americans die without a will. A last chance to leave a legacy of values is lost!
  • Gifts of Life Insurance/Annuities - The average heir spends his or her inheritance in 18 months. Why not give some of these benefits to ongoing causes?
  • Testamentary Trusts - Trusts which take effect at death can be used to secure estate planning benefits such as property distribution and estate tax planning.
  • Charitable Gift Annuities - A donor can establish a direct relationship with a qualified charity to receive tax benefits and a lifetime income stream. Depending on the age of the donor(s), this income can exceed rates from CDs.

We can provide assistance in designing a planned gift or show you an income illustration.
To learn more about charitable giving*, click here or call Summit Brokerage Services, Inc. at 706-576-4422 or 678-364-9330.

*The initial consultation is at no cost.

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