CHARITABLE INTENTIONS?
You may be giving away …
… More than you intended.
Each year, thousands of well-intentioned individuals and families make the commendable decision to donate assets to a worthy cause. Churches, social service agencies, schools and institutions, non-profit groups – some of society’s most able and respected organizations depend on the generous gifts or people like you and to carry on their good works. Unfortunately, many benefactors or their heirs discover too late that their gifts are necessarily immune from outside intervention. A variety of taxes can end up taking a toll on the gift… and the giver!
Not exactly what you had in mind.
Without a thorough understanding of the tax implications, even the best conceived strategy for charitable giving can go astray:
Money and/or property from an estate bequeathed to a charity may be subjected to estate taxes.
The giver may be forced to pay capital gains taxes on the gift.
The giver may overlook the present tax advantages of a future gift, thereby paying significantly more in current income taxes than necessary.
Taxes levied on an intended gift can diminish its value to the beneficiary.
Charitable giving takes more than good intentions. It takes good planning.
At TCK Trust & Financial Advisors, we understand the ins and outs of charitable giving.
We’ll work with you personally to make sure the receiver gets what you intended, and you get every tax advantage possible.
For example, by establishing a charitable remainder trust and transferring assets to the trust, you can accomplish your generous goals without penalizing yourself. You’ll enjoy a current income tax deduction, plus you’ll avoid paying capital gains taxes on stocks or other assets sold within the trust. So you get tax relief while your intended beneficiary gets the full value of your gift.
Planning means a brighter future.
Charitable trusts are just one of the tools we use at TCK Trust & Financial Advisors to help our clients secure a brighter future. Whether it’s managing assets, preparing for retirement, or ensuring the long-term happiness and security of those you love, our trust officers and investment managers are uncommonly qualified to help you achieve your objectives.
