12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

What are Charitable Gifts and Trusts in Zip Code 68602

What are Charitable Gifts and Trusts in Zip Code 68602


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


Americans give more to charity than all other nations combined. Popular charitable institutions are churches, food banks, cultural institutions, and educational institutions.

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 NE Living Trust Create 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
Related Legal Services near Zip Code 68602
Enersen Group
2428 Calumet Ct
Lincoln, NE 68502
(402) 475-9988
Attorneys
Higgins John J
209 S 19th St # 340
Omaha, NE 68102
(402) 341-9970
General Practice Attorneys, Attorneys
Mathias Law Office
1603 Farnam St Ste 216
Omaha, NE 68102
(402) 934-9970
Criminal Law Attorneys
Crampton James W
1904 Farnam St # 200
Omaha, NE 68102
(402) 341-9929
Attorneys
Davis James M
1623 Farnam St # 500
Omaha, NE 68102
(402) 341-9900
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Accident & Property Damage Attorneys
Hansen Eileen A
1904 Farnam St # 601
Omaha, NE 68102
(402) 341-9896
Attorneys
Fowler Brandie M
209 S 19th St # 440
Omaha, NE 68102
(402) 933-9886
Attorneys, Legal Service Plans
Fowler Law Office
209 S 19th St Ste 475
Omaha, NE 68102
(402) 933-9886
General Practice Attorneys, Attorneys
Nelson S Greg Attn @ Law
319 S 17th St Ste 700
Omaha, NE 68102
(402) 415-9700
Attorneys
Meares S Frank
1913 Farnam St
Omaha, NE 68102
(402) 346-9600
Attorneys, Legal Service Plans
Beatty Kelly C
1603 Farnam St
Omaha, NE 68102
(402) 505-9556
Attorneys, General Practice Attorneys
Contryman Kristin
1625 Farnam St # 830
Omaha, NE 68102
(402) 932-9550
Attorneys, Legal Service Plans
Hightower Law
209 S 19th St # 525
Omaha, NE 68102
(402) 932-9550
Attorneys, Legal Service Plans
Hightower Tracy
1625 Farnam St # 830
Omaha, NE 68102
(402) 932-9550
Attorneys, Legal Service Plans
Reff Susan
1625 Farnam St # 830
Omaha, NE 68102
(402) 932-9550
Attorneys
Ryan Kevin A
209 S 19th St # 500
Omaha, NE 68102
(402) 341-9300
Attorneys, General Practice Attorneys
Haase Perry G
1400 S 13th St
Lincoln, NE 68502
(402) 476-9200
Attorneys
Alvarez Insurance
610 S 24th St
Omaha, NE 68102
(402) 346-9186
Attorneys, Insurance, Business & Commercial Insurance
Gomez Geena
604 S 24th St
Omaha, NE 68102
(402) 346-9186
Attorneys
Sullivan Timothy P Atty
1517 Arapahoe St
Lincoln, NE 68502
(402) 742-9170
Attorneys
Fitzpatrick Law
319 S 17th St # 232
Omaha, NE 68102
(402) 346-9140
Attorneys,  Criminal Law Attorneys,  Legal Service Plans,  Litigation & Tort Attorneys,  General Pra
Robert D Kinsey Jr Attorney
3800 Vermaas Pl # 100
Lincoln, NE 68502
(402) 434-9053
Attorneys
Ashford Timothy L
300 S 19th St Ste 316
Omaha, NE 68102
(402) 342-8888
Attorneys, Legal Service Plans
Historic Omaha Library
1823 Harney St
Omaha, NE 68102
(402) 346-8865
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US