Charitable giving is an excellent way to reward the institutions and causes that have come to mean the most to you during your lifetime. In addition, when done properly, charitable giving can provide a number of other benefits, including deductions on income, capital gains, and estate taxes, as well as the creation of a lifetime income stream for you and your heirs. At Amoruso & Amoruso LLP, we help our clients make charitable gifts in the most tax-efficient manner possible. Here are some of the ways we accomplish this.
Charitable Remainder Trust or Charitable Gift Annuity
These can provide you with an immediate income tax deduction, a lifetime income stream, and a waiver of capital gains taxes owed on contributed property.
Charitable Lead Trust
This creates an income stream to the charity of your choice for a specified number of years. Remaining assets in the trust can then go to your children without incurring any estate or gift tax.
With a private foundation, you are able to specify and restrict how gifts are used by charities, giving you a greater sense of control.
Donor Advised Fund
This lets you maximize your income tax savings on weekly or monthly contributions to your church and/or charities.
If you are interested in giving to charitable organizations in the most effective and tax-efficient manner possible, we invite you to contact us to discuss your options.