Planned Giving can be an important part of your estate plan. By integrating your charitable giving into your overall financial, tax and estate planning objectives, you can increase the benefits to you and the charities of your choice.
Each year many individuals donate to A Silver Lining Foundation (ASLF) through cash gifts. In addition to these critically important cash gifts, we respectfully invite our donors and friends to carefully plan their giving strategies in order to support ASLF through the gift of non-cash assets.
Although cash gifts are the most common way in which gifts are given to charities, you can receive the same tax deduction if instead you give stocks or bonds. If you have owned these types of assets for more than one year, generally you can donate them and deduct their current value from your taxable income - and you will not incur any capital gains liability on the transfer of the asset to ASLF.
Many people have a life insurance policy with significant cash surrender value. If the original reason for carrying this insurance has changed this asset could be given to a qualified charity which generates a tax deduction for the policy owner.
A will provides protection for your loved ones and distributes your assets according to your wishes. When your will includes a bequest to A Silver Lining Foundation you can reduce the taxable portion of your estate. Most importantly, you will help save lives and extend your generosity beyond your lifetime.
The balance remaining in your retirement account after your death is subject to both income and estate taxes. Check with your financial advisors regarding a plan to leave a portion of your account to ASLF and then use other assets for gifts to your family.
It is very important for you to retain the services of an estate planning attorney in preparing or updating your estate plans. The cost associated with these services are modest indeed compared with the costs associated with potential expense that results from improperly prepared wills or other estate documents.
Please contact us at ASLF to discuss how your estate planning could assist the thousands of people we help serve each year.