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Charitable gifts 101

Charitable gifts 101

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Charitable gifts 101

Quick facts about charitable giving

Leaving money to a good cause is a thoughtful way to create a legacy. It also can be fiscally smart. Charitable gifts have the potential to reduce your taxable estate. Here are some points to consider when preparing your charitable giving.

Who can receive a charitable gift?

Charitable gifts can be made to qualified charitable, religious, educational and scientific organizations, as well as to any political subdivision of the U.S. government. Ideally you should work with an estate attorney to verify that your intended charities qualify under current tax laws.

What is and isn’t deductible

Gifts made to qualified charitable organizations are deducted from your overall (gross) estate, reducing your total estate taxes. Generally, a charitable gift deduction is unlimited, except in the case of partial interests in property, or property jointly owned with someone else.

Charitable remainder trusts

One way to share jointly owned property and still enjoy the charitable gift tax deduction is through a charitable remainder trust. This is designed to disburse income to an individual over a defined period of time. Once that time has passed, the remainder of the trust goes to its specified charity as a gift. The actuarial value of the trust’s remaining amount is eligible for a federal income tax charitable deduction at the time it’s established, and for a federal estate tax charitable deduction at the time of your death.

Due to the legal complexities involved, it is prudent to set up a charitable gift under the guidance of a financial professional and an estate attorney. The companies of OneAmerica® can help you find a financial professional near you to help you meet your estate planning goals. Contact us today!

NOTES: This material is provided for overview or general information purposes only. These concepts were derived under current tax laws. Changes in the tax law may affect the information provided. This is not to be considered, or intended to be legal or tax advice. For answers to specific questions and before making any decisions, please consult a qualified attorney or tax advisor. 

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