1925

Taxes and Philanthropy – A Brief Word

The IRS provides important tax incentives to encourage philanthropy. For certain gifts the tax benefits are immediate. For others, they may come in the future. The right path for you always depends upon your situation.

For most, retaining control over one’s assets for life is the top priority. The future is uncertain. A revocable gift allows you to create your estate gift today, while preserving total control over your assets throughout life. Any applicable tax benefit will come when your estate settles, but you’ll have control, flexibility and peace of mind until that time. Examples include:

• Charitable Bequest – Will or Living Trust
• Beneficiary Designation – IRA or Life Insurance
• POD Arrangement – Bank Account

Unless you are confident that you will not outlive your assets, bequests and beneficiary designations are almost always excellent options.

If your goal is current tax reduction, however, a charitable trust or charitable gift annuity might be worth considering. With both, you make an irrevocable gift and receive a tax benefit at that time. Charitable trusts, in particular, are highly flexible and can address a variety of estate, financial and tax planning goals.

Clearly, an irrevocable gift only should be made after proper reflection and consultation with your legal and financial advisors. However, with proper planning, such gifts can provide important benefits for you and your heirs.

Any of these options can provide generous support for Trinidad State College Foundation. Perhaps the most important question is – which is best for you?

For more information, please visit https://trinidadstate.edu/1925/gift.html, or contact Toni DeAngelis at toni.deangelis@trinidadstate.edu or 719-846-5520. There is never any expectation or obligation to complete a gift.

All inquiries will be held in strict confidence.