MINT HILL, NC – At Fulcrum, we are advocates for making a difference within the community. Charitable gifting enables you to make a positive, and often significant, contribution to your community while also taking advantage of financial benefits that may be available to you and your family. To promote philanthropy, Congress passed legislation to create potential tax benefits associated with charitable gifting. There are many different strategies for charitable gifting, each generally offering tax benefits to the person making the gift. Those benefits vary based on the nature of the asset gifted and the strategy used.
Most importantly when you support a charitable organization, you invest in and enrich the lives of those it seeks to help. In turn, you can benefit as well. Some of the potential tax benefits can include:
- A significant current income tax deduction
- A reduction of taxes associated with required minimum distributions
- A reduction in the size of your taxable estate
Please keep in mind that tax rules can be complicated. For most people, benefiting charity is their primary goal. Still, it’s always a good idea to review your options with your tax or financial professional, as some strategies may provide greater tax benefits than others.
Let us help you find your clarity of purpose!
This article was written by Nationwide for use by your local Cambridge Investment Research Financial Advisor.
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