Charitable Planning

What is charitable planning?

Charitable planning is the process of planning out where your charitable contributions are going to from your estate when you die. Charitable planning is the best way to give back to your community or even to a national non-profit organization in order to take advantage of the tax savings. Charitable planning will help you to use a variety of financial and legal tools for charitable giving. Charitable planning will require the assistance of a qualified specialist. Charitable planning can utilize certain tax incentives to encourage charitable giving. Charitable planning covers the full range of giving by some or most individuals.

What are the benefits to charitable planning?

Charitable planning should include the transfer of appreciated assets with long term capital gains funded to a charitable trust and the gifting of life insurance policies to increase your charitable planning efforts. Charitable planning will have some financial benefits to consider such as a possible reduction of your income taxes, eliminating capital gains and federal estate taxes, as well as a possible increase to your annual income. Estate Planning Associates can show you how these benefits of charitable planning could work for you.