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 Kirkwood, CA

What are Charitable Gifts and Trusts in Kirkwood, CA


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 CA 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 Kirkwood, CA
Sloss Law Ofc. PC
1234 N Crescent Heights Blvd
West Hollywood, CA 90046
(323) 822-9776
General Practice Attorneys, Attorneys
Rose's Legal Document Svc
3200 Spring St # 1
Paso Robles, CA 93446
(805) 239-9562
Paralegals, Legal Document Assistance
Waylett Thomas D
1111 Riverside Ave Ste 103
Paso Robles, CA 93446
(805) 238-9444
Attorneys, General Practice Attorneys
Affordable Bankruptcy Asssitance
17420 S. Avalon Blvd. Ste. 207
Carson, CA 90746
(800) 318-9298
Foreclosure Services,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Attorneys
Rise & Randy Krejca
9182 Pioneer Dr
Huntington Beach, CA 92646
(714) 962-9197
Bankruptcy Law Attorneys
Marc Grossman
13052 Valley Blvd
La Puente, CA 91746
(626) 968-9138
Attorneys, Corporation & Partnership Law Attorneys, General Practice Attorneys, Employee Benefits &
Jeanne Karaffa Law Offices
1411 N Hayworth Ave # 7
West Hollywood, CA 90046
(323) 654-9088
General Practice Attorneys, Attorneys, Legal Service Plans
Hagan David L
731 21st St
Paso Robles, CA 93446
(805) 239-8999
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family Law Attorneys,  Labor & Employment
Bruce Tarkington
20200 Redwood Rd Ste 16
Castro Valley, CA 94546
(510) 886-8833
General Practice Attorneys, Attorneys, Legal Service Plans
Golden Oak Estate Sales
7485 Monterey Rd
Paso Robles, CA 93446
(805) 434-8300
Estate Planning Attorneys, Estate Planning, Probate, & Living Trusts
Michael Raab
7119 W. Sunset Blvd., Ste. 645
Los Angeles, CA 90046
(818) 326-8100
Criminal Law Attorneys, Attorneys
We Help You Legal
722 10th St
Paso Robles, CA 93446
(805) 237-7770
Paralegals, Legal Document Assistance, Divorce Assistance
Campbell Patrick D
17511 Incense Ct
Penn Valley, CA 95946
(530) 432-7715
General Practice Attorneys, Attorneys
Scoles Patricia M
1104 Vine St # B
Paso Robles, CA 93446
(805) 227-7184
Attorneys, General Practice Attorneys, Legal Service Plans
Clark Company
1031 Pine St
Paso Robles, CA 93446
(805) 238-7110
Real Estate Buyer Brokers,  Real Estate Agents,  Real Estate Management,  Attorneys
Sanchez Law Office
13181 Crossroads Pkwy N Ste 420
City Of Industry, CA 91746
(562) 692-6623
Attorneys, General Practice Attorneys, Legal Service Plans, Tax Attorneys, Business Law Attorneys, E
Sacramento California Bankruptcy Lawyer, PC
6440 Carolinda Dr
Granite Bay, CA 95746
(916) 409-6600
Credit & Debt Counseling,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Business Bankruptcy Law
Cristy's Immigration Svc
14258 Nelson Ave
City Of Industry, CA 91746
(626) 336-6462
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Arend Law Firm
9610 Nacimiento Lake Dr
Paso Robles, CA 93446
(805) 237-6400
General Practice Attorneys, Attorneys
Gephart & Silverman
4 Oak Tree Pl
Mammoth Lakes, CA 93546
(760) 934-6215
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Corporation & Partnershi
Dimick Steven The Law Offices
20880 Redwood Rd
Castro Valley, CA 94546
(510) 537-6200
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Probate Law Attorneys,  Wills, Trust
Jean St. Martin
1229 Vine St
Paso Robles, CA 93446
(805) 238-6000
Attorneys
Wood Frederick G
126 Old Mammoth Rd Ste 203
Mammoth Lakes, CA 93546
(760) 934-5821
Civil Litigation & Trial Law Attorneys, Attorneys
R. A. Baylis and Associates
9042 Garfield Ave
Huntington Beach, CA 92646
(714) 627-5674
Traffic Law Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US