Gift and Charitable Tax Planning
Making Your Generosity Count
Many of our clients have a desire to give back to the communities they live in and charities that they feel best serve the greater good - whether that is their local church or a national organization.
We strive to help our clients give in the most efficient way possible. First, we need to confirm the organization is eligible to receive tax-deductible charitable contributions (not every nonprofit qualifies).
1. Qualification
Who are you giving to?
We first ensure your chosen organizations are viable recipients of tax-deductible gifts.
2: Asset Selection
What are you giving?
Second we need to look at what you want to donate to your charity. Clients are often surprised that they can donate more than just cash. You may want to give securities like stocks or bonds, some want to give grain or livestock, sometimes even land is given as a donation. In recent years we have seen more and more people giving life insurance to charities. Regardless of what you decide to give documentation is extremely important. For example, if you decide to give real estate to a charity, you will need to have an appraisal. Additionally, you need to be aware of any pitfalls like prearranged sales from the charity. We work with clients and their CPA’s to make every gift count; for the charity and the client.
How are you giving?
Next we look at the different giving strategies. Will you benefit from bunching your donations? Or is it time to create a Donor Advised Fund? If your gift is part of your estate plan you might be looking for a Charitable Remainder Trust (CRAT/CRUT) or in some cases even a Private foundation. Perhaps the single most popular gifting tool used today is the Qualified Charitable Distribution (QCD).
3. Strategic Vehicle
A Deep Dive
Core Rules & Requirements
A private foundation is a vehicle for families and individuals who want to maintain the highest level of control over their charitable legacy. Because these entities are typically funded by a single source rather than the general public, the IRS applies a specific set of rigorous standards to ensure the assets are used solely for the greater good. Navigating these complexities—from annual payout mandates to strict self-dealing prohibitions—requires diligent oversight. We provide the following breakdown of core requirements to help you understand the operational landscape and ensure your foundation remains a source of lasting impact without the burden of unforeseen penalties.
Frequently asked questions
Ready to Maximize Your Impact?
Charitable giving should be as rewarding for the donor as it is for the recipient. Whether you are considering a one-time gift of grain or livestock, or looking to establish a multi-generational Private Foundation, the right strategy makes all the difference. We work side-by-side with you and your CPA to ensure your generosity is backed by sound tax planning and meticulous documentation.