Here are some questions we hear from the professional advisors we work with. Call us with your specific questions!
Q: What do I need to know about the IRA Charitable Rollover legislation that was passed in December 2015.
A: Please visit our IRA Charitable Rollover webpage for more information.
Q: Your client wants to sell appreciated property, but is concerned about capital gains taxes.
A: Giving all or part of the asset to charity will eliminate or reduce capital gains taxes and can replace less efficient charitable giving, continue or begin to provide lifelong income, and/or provide satisfaction about supporting a charity of one's choice.
Q: Your client will be receiving additional taxable income this year. She'd like to give some to a charity, but isn't ready to decide which one.
A: Donor advised funds will lock in a tax deduction for the current year and allow as much time as is needed to choose the charity.
Q: Your client manages a rental unit which provides needed income, but it's too much work.
A: Giving the rental property to charity and setting up a Charitable Remainder Trust (CRT) will eliminate the capital gains tax, secure lifetime income (perhaps more than from the rental), claim a sizeable tax deduction, and support a favorite charity.
Q: Your client has a large retirement fund but his children will only receive 20 or 30 cents on the dollar.
A: Giving the retirement fund to an endowment from which heirs may recommend charitable gifts will reduce estate tax, eliminate income tax on the IRA distribution, and create a family legacy. In the meantime, other assets can be used for gifts to family members.
Q: Your client has no children, and it's time to write a will.
A: How do they want to be remembered? Suggest a charitable fund at the Foundation as a way to be remembered and an alternative to paying too much estate tax.
Q: Your client wants to help a long-time employee (or friend, sibling, or parent).
A life-income gift, such as a Gift Annuity, will assure the friend a lifetime income—and allow your client to support a favorite charity following the friend’s death.
Q: Your client has inherited artwork, jewelry, or real estate and would like to set up a fund.
A: The Community Foundation can accept almost any appreciable asset to help you set up a charitable fund.
Q: Your client would like you to calculate the amount of their payments when setting up life income gifts like charitable remainder trusts or gift annuities.
A: We recommend that you visit the Planned Giving Design Center and utilize their online calculators to help answer your clients’ questions.