{"id":5443,"date":"2015-02-20T06:06:18","date_gmt":"2015-02-20T14:06:18","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=5443"},"modified":"2015-11-03T15:54:13","modified_gmt":"2015-11-03T23:54:13","slug":"charitable-giving-can-powerful-estate-planning-vehicle","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/investing\/charitable-giving-can-powerful-estate-planning-vehicle\/","title":{"rendered":"How Charitable Giving can be a Powerful Estate Planning Vehicle"},"content":{"rendered":"

Approximately 70% of Americans make charitable contributions during the year.\u00a0 Most of the contributions are done in the month of December.\u00a0 Often the contributions are done in a hurry, without a lot of thought, to get the tax advantage for the year.\u00a0 Often contributions are made to the same organizations as in years past.<\/p>\n

There are several ways for people to give to charities.\u00a0 Cash is the simplest.\u00a0 A check is written to the charity.\u00a0 If the charity is a qualified charity the benefits are based upon the contributor\u2019s income and the gift tax laws.<\/p>\n

Many times when a gift of some kind of property is involved, the process becomes more complex and expensive. These gifts involve ongoing monitoring and establishing a trust which includes legal fees.\u00a0 The property can be collectable art, stock and bonds<\/span><\/a><\/span> or even vehicles. The question then involves determining the value of the gift.<\/p>\n

Sometimes, however, the value is determined at the time of delivery to the charity but when the charity liquidates the item the actual value is different.\u00a0 This involves capital gains issues and has the potential to provide the donor some extra tax advantages.<\/p>\n

Often a trust is used to be the owner of the gift and that involves legal issues to establish the trust and monitor the value of the item and the distribution of the asset. \u00a0Also, the type of trust and costs associated with the administration of the trust assets complicate the matter even more.<\/p>\n

Today, there is one concept which is gaining popularity.\u00a0 This concept is \u201cDonor Advised Funds<\/span><\/a><\/span>\u201d.\u00a0 This idea allows the donor to take his\/her time to investigate the charity, decide on how much to contribute, and ultimately exercise more control over the distribution of funds, an additional planning tool for the financial advisor.<\/p>\n

Although this concept has been an option for many years an appropriate vehicle wasn\u2019t easily available.\u00a0 Today several mutual funds companies have created a trust and selected several funds which lend themselves well to such a program.\u00a0 Now the donor has a choice of fund families and funds within the fund families, like never before.<\/p>\n

Now your advisor has the ability to establish a \u201cdonor advised fund\u201d for the charitable minded client which meets their needs.\u00a0 Once the donor sets up the account, a tax deductable donation is made to the account.\u00a0 The tax deduction is taken at the time the contribution is made.\u00a0 The contribution can be passed to the charity, at the convenience of the donor, often in a year later than the one when the donor took advantage of the tax deduction The account then is available for the donor to write a check or checks to the appropriate charities at his convenience.<\/p>\n

To learn more about James Mitchell, view his Paladin Registry profile<\/span><\/a><\/span><\/strong><\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Approximately 70% of Americans make charitable contributions during the year.\u00a0 Most of the contributions are done in the month of December.\u00a0 Often the contributions are done in a hurry, without a lot of thought, to get the tax advantage for the year.\u00a0 Often contributions are made to the same organizations as in years past. There are several ways for people to give to charities.\u00a0 Cash is the simplest.\u00a0 A check<\/p>\n","protected":false},"author":58,"featured_media":5446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[395],"tags":[],"class_list":["post-5443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"yoast_head":"\nCharitable Giving a Powerful Estate Planning Vehicle<\/title>\n<meta name=\"description\" content=\"Charitable contributions are made by 70% of Americans in December and often in a hurry. 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