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Category: Charity

The Pros and Cons of Charitable Gift Annuities

By Lineweaver Financial Group
September 19, 2019 Category: Charitable, Annuities, Annuity, Charity, Donations

In past articles, weve discussed the pros and cons of private foundations and donor advised funds, but there are other options that can help people support their favorite charity while also providing income for themselves as well. One option is a charitable gift annuity, which is essentially a contract between a donor and a charity. As the donor, youd make a sizable gift to charity using cash, securities or possibly other assets, and in return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from the charity for the rest of your life. When you make a donation to a single charity, the gift is set aside in a reserve account and invested. Based on your age when you make the gift, or ages if its both you and your spouse, youd receive a fixed monthly or quarterly payout for the rest of your life. Then, at the end of your life (again, as well as your spouses, if youre giving as a couple), the charity receives the remainder of

Four Ways to Take Care of a Charity - And Yourself

By Linweaver Financial Group
June 22, 2017 Category: Charity, Donor Advised Fund, Private Foundation Charitable Lead Trust, Charitable Remainder Trust, Tax Planning

Theres nothing that says you cant do good in the worldand do well for yourself. You may even be able to reduce your taxes, secure and income for yourself or your beneficiaries, and help a charity or - several charities - of your choosing. Although there are many ways to accomplish your philanthropic and financial goals, today we will focus on four smart strategies. The first strategy is that of a Donor Advised Fund or DAF. A DAF has several advantages, including: There is generally a low initial minimum to open an account (usually $5,000-$10,000) There are generally low ongoing maintenance and administrative expenses There are no annual distribution requirements There are no annual tax filing requirements Gifts can be made publicly or anonymously There are higher charitable deduction limits relative to private foundations which we will cover in just a moment! But, there are also some disadvantages. Specifically: Some donor advised funds do not allow the donor to name successors These

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