Got Family Quick Bits: Charitable Giving

Hello. This is got family and I am Carey Berger and today we’re talking about charitable giving. First, why? Hopefully because you have a cause you believe in beyond that there are tax advantages. Cash is of course simple and immediate. Appreciated assets allows you potentially to have that tax at the charities tax rate which is zero. Structured gifts allows you to receive something back, potentially in the form of income for your lifetime. The question is through whom? You give it directly to the charity, you can give it through a committee foundation or you can create your own private foundation. Let’s start with the easy one that is wrong and that is a private foundation. It’s too much work and it’s not worth it, generally speaking. The community foundation can achieve the same thing. The community foundation gives you the ability to divide amongst different charities of your choosing and that may vary over time. The short answer is follow your heart and do it wisely. Utilize the tax codes so that you can potentially give more either to your charity or to your family. To hear more stories from the crossroads of business and family search got family in iTunes or visit gotfamilyradio.com.