Along with transferring wealth to beneficiaries—like a spouse, child, or other family members—you may want to consider charitable giving. At its simplest, charitable giving involves appropriating a portion of your accumulated wealth to an organization that matters to you. This is a great way to support the cause or causes you value while leaving a lasting financial legacy that often keeps these organizations viable.
Charitable giving is not only a way to fulfill your philanthropic desires. It can be used as a planning tool and provide you with benefits such as tax deductions, avoidance of capital gains on highly appreciated assets, and minimizing (or eliminating) estate taxes upon your death. There are even certain charitable giving strategies and solutions that allow an income stream accessible during life. With an increasing tax environment expected in the U.S. in the coming years, there may be many compelling reasons to incorporate philanthropy into your financial and estate planning.
Although the basic idea behind charitable giving strategies is simple, the mechanics and structuring are not. The advisors at Tremont Street Financial Group can help you explore your charitable giving options as they relate to your retirement and financial plan, as well as how they connect with your legacy goals.
Email firstname.lastname@example.org or call 281.245.3326 now with all your charitable giving questions.