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 43463

What are Charitable Gifts and Trusts in Zip Code 43463


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 OH 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 43463
Fete Marvin T
138 2nd St NW
New Philadelphia, OH 44663
(330) 364-9599
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Legal Service Plans
Urban George
117 S Broadway St
New Philadelphia, OH 44663
(330) 339-9200
General Practice Attorneys, Attorneys, Criminal Law Attorneys
Schaffner David K
132 Fair Ave NW
New Philadelphia, OH 44663
(330) 364-9070
General Practice Attorneys, Attorneys
Spies Amanda K
300 1/2 E High Ave
New Philadelphia, OH 44663
(330) 343-8888
General Practice Attorneys, Attorneys, Legal Service Plans
Mclane William
138 2nd St NW
New Philadelphia, OH 44663
(330) 308-8300
General Practice Attorneys, Attorneys
Collins Ron
135 2nd St SE
New Philadelphia, OH 44663
(330) 602-7767
Attorneys
Guinn Law Firm
118 W High Ave
New Philadelphia, OH 44663
(330) 447-7634
Litigation & Tort Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Juvenile Law Attorneys,  
Lonas Mcgonegal Tsangeos & Struhar
120 N Broadway St
New Philadelphia, OH 44663
(330) 364-6810
Employee Benefits & Worker Compensation Attorneys, Attorneys, Labor & Employment Law Attorneys, Gene
Stevenson John R
116 Washington Blvd N
West Portsmouth, OH 45663
(740) 858-6654
Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
Stephenson Richard L
206 W High Ave
New Philadelphia, OH 44663
(330) 339-6444
General Practice Attorneys, Attorneys, Legal Service Plans
Brian Law Offices
128 N Broadway St
New Philadelphia, OH 44663
(330) 343-6222
Attorneys, General Practice Attorneys, Legal Service Plans
Johnson Michael
117 S Broadway St
New Philadelphia, OH 44663
(330) 364-5593
Attorneys,  Family Law Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property
Tolhurst III Harry C E
405 Chauncey Ave NW
New Philadelphia, OH 44663
(330) 343-5585
General Practice Attorneys, Attorneys
Durmann Glenn G
405 Chauncey Ave NW
New Philadelphia, OH 44663
(330) 343-5585
Attorneys, Probate Law Attorneys, Bankruptcy Law Attorneys
Sani & Barnhouse Co Lpa
120 N Broadway St
New Philadelphia, OH 44663
(330) 364-5538
General Practice Attorneys, Attorneys, Legal Service Plans
Werren, John E Brian Goforth & O'meara Law
128 N Broadway St
New Philadelphia, OH 44663
(330) 364-5531
Attorneys, Social Security & Disability Law Attorneys, Accident & Property Damage Attorneys, Corpora
Lehigh Daniel T
221 Front Ave SW
New Philadelphia, OH 44663
(330) 308-5522
Attorneys, Social Security & Disability Law Attorneys, General Practice Attorneys, Legal Service Pla
Marchisio, Abigail I Brian Goforth & O'meara Law
128 N Broadway St
New Philadelphia, OH 44663
(888) 854-4019
Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Corp
Piergallini Lawrence T
131 3rd St
Tiltonsville, OH 43963
(740) 859-2178
Attorneys, Legal Service Plans
Hipp David C
300 E High Ave
New Philadelphia, OH 44663
(330) 343-2168
Attorneys, Family Law Attorneys, Legal Service Plans
Warkall Michael A
140 Fair Ave NW
New Philadelphia, OH 44663
(330) 364-1614
General Practice Attorneys, Attorneys
Bowers Bowers & Mastin
108 E High Ave
New Philadelphia, OH 44663
(330) 343-1614
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Anderson Steven A
140 Fair Ave NW
New Philadelphia, OH 44663
(330) 364-1614
General Practice Attorneys, Attorneys, Legal Service Plans
Guinn Dan
118 W High Ave
New Philadelphia, OH 44663
(330) 343-1421
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US