Easy Questions  
Free Legal Documents

What are Charitable Gifts and Trusts in Alsea, OR

What are Charitable Gifts and Trusts in Alsea, OR


Charity begins at home, but should not end there.
 
- Thomas Fuller


Americans give more to charity than all other nations combined. Yes, we want to provide for family and loved ones, but Americans also support charitable institutions that are near and dear to their hearts - churches, food banks, cultural institutions, educational institutions, even research that aims to provide breakthroughs in science, health, poverty alleviation and protection of the Earth's scarce resources.

The U.S. tax rules support charity and philanthropy with tax benefits. If you itemize deductions on your income tax return, you can simply deduct the value of gifts to tax-exempt charitable organizations. There are also more sophisticated ways to support your favorite recipients. For example, charitable gift annuities allow you to donate to a charity and in return receive regular payments for life; both you and the charity benefit.

When you make a simple direct charitable contribution, you support the charity of your choice and you can deduct the amount of these gifts from your taxable income if you itemize your deductions. Claiming a charitable deduction is simple when you write a check to a charity or make an online donation with your credit card. For a cash gift of any amount, you need a receipt (showing the date and amount of your donation) or a bank or credit card statement, payroll deduction record, cancelled check, or other bank record showing the transaction.

There is some risk in these instruments, they do not have FDIC protection or a government guarantee on charitable gift annuities, and so if the charitable institution runs out of money and files for bankruptcy or closes down, you would lose all future annuity payments. Some charities carry insurance to cover annuity payments. The payments can start immediately, or be deferred until you reach a certain age. Typically, payments are made quarterly.

Each charity sets a minimum amount you must donate (usually starting at $5,000 or higher) and a minimum age (typically 50 or older). If you are younger than the minimum age, you can donate now, but defer the payment of benefits until the required age. You'll still get a tax deduction for your charitable gift now, and if your donation grows (as it's invested by the charity) you won't owe tax on the increase in value. If you donate financial assets that have appreciate in value, (stocks, bonds, etc.) you won't owe capital gains tax when you make the transfer. A portion of the annuity payments aren't taxable because they are treated as a refund of the principal you gave to the charity. After you reach your statistical life expectancy, however, you'll pay tax on the payments as ordinary income.

Charitable trusts are an option for the wealthy to donate charity while reducing their estate tax obligations. A charitable lead annuity trust gives you a way to make a large gift to charity, get a tax break, and eventually leave assets to family members. These trusts are complicated, and they're most often used by rich people who want to donate to charity and avoid the federal gift and estate taxes.

You may also set up a charitable remainder trust and transfer to it the property you want to donate to a charity. The charity must have tax-exempt status under the Internal Revenue Code.The charity serves as trustee of the trust, and manages or invests the property so it will produce income for you. The charity pays you (or your designee) a portion of the income generated by the trust property for a certain number of years, or for your whole life. At death, the property goes to the charity.

A pooled income charitable trust allows a charity to set up the trust and then accept donations that are much smaller than a charitable trust founded by an individual. All the donations are pooled into one big fund and then invested, much like a mutual fund. The fund then pays income to the donors, based on its return on investment. Typically, they also allow you to add small subsequent contributions over time, so you can still build a good retirement income over many donations over many years.

A charitable gift annuity is a contract between you and the charity. You donate to the charity, and in return the charity agrees to make regular fixed payments to you (or a designee) for your lifetime. When you make your initial gift, you can take an immediate income tax deduction for the estimated amount that will eventually go to the charity, after all the annuity payments have been made (typically half the amount put into the annuity). A portion of the payments you receive will also be tax-free, until you reach your statistical life expectancy.
 
Personalize & Print a Free OR Living Trust Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
 
Personalize & Print a Free OR Power of Attorney Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Alsea, OR
Gillingham John W
121 NE 75th Ave
Hillsboro, OR 97124
(503) 693-9966
Attorneys
Souther Calvin N Jr
15350 SW Sequoia Pkwy
Portland, OR 97224
(503) 624-9894
Attorneys, Legal Service Plans
Baxter & Baxter, LLP
5635 NE Elam Young Parkway, Suite 300
Hillsboro, OR 97124
(503) 681-9752
Bankruptcy Law Attorneys, Attorneys
Schantz Laura L
3000 NW Stucki Pl Ste 230
Hillsboro, OR 97124
(503) 466-9626
Family Law Attorneys, Attorneys, Legal Service Plans
Cross Dan Attorney
230 NE 2nd Ave Ste D
Hillsboro, OR 97124
(503) 640-9509
Attorneys, General Practice Attorneys, Legal Service Plans
Corbridge & Kroll
19720 NW Tanasbourne Dr Ste 200
Hillsboro, OR 97124
(503) 352-9360
Attorneys, Legal Service Plans
Strahm Scott An Estate Planning & Elder Law Firm
15405 SW 116th Ave Ste 112
Portland, OR 97224
(503) 639-8800
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service
Mc Neil Ken
1323 NE Orenco Station Pkwy # 310
Hillsboro, OR 97124
(503) 615-8336
Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Legal Service Plans
Garland Barbara J
230 NE 2nd Ave # H
Hillsboro, OR 97124
(503) 615-8233
Attorneys, Legal Service Plans
Gifford Milton E
1481 Gateway Blvd
Cottage Grove, OR 97424
(541) 942-7914
Attorneys, Legal Service Plans
Harris Law Firm
7455 SW Bridgeport Rd # 220
Portland, OR 97224
(503) 746-7859
Attorneys, General Practice Attorneys
Farrell Douglas
3000 NW Stucki Pl # 230
Hillsboro, OR 97124
(503) 645-7788
Attorneys, General Practice Attorneys, Legal Service Plans
Heard Robert A
330 NE Lincoln St Ste 100
Hillsboro, OR 97124
(503) 648-7433
Attorneys, Legal Service Plans
Harris J Michael
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys
Rini Michele C Atty
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys
Stanton Shelby C
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys, Legal Service Plans
Widmer Lindsey R
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys, Legal Service Plans
Legal Aid Services of Oregon
230 NE 2nd Ave Ste A
Hillsboro, OR 97124
(503) 648-7163
Attorneys, Legal Service Plans
Hertsel Shadian
6650 SW Redwood Ln
Portland, OR 97224
(503) 352-6985
Attorneys, Legal Service Plans
Andrew M. Rich PC
330 NE Lincoln St
Hillsboro, OR 97124
(503) 925-6710
Elder Law Attorneys,  Attorneys,  Estate Planning, Probate, & Living Trusts,  Real Estate Attorney
Naranjo Prosser Law
110 NE 10th Ave
Hillsboro, OR 97124
(503) 640-6700
Attorneys, Legal Service Plans
Daigle James M Atty
139 NE Lincoln St
Hillsboro, OR 97124
(503) 648-6677
Attorneys
Brisbee & Stockton
139 NE Lincoln St
Hillsboro, OR 97124
(503) 648-6677
Attorneys, Insurance Attorneys
Wilkinson Merlin D
161 NW Adams Ave Ste 206
Hillsboro, OR 97124
(503) 693-6641
Family Law Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US