Charitable Planning

Monday, December 16, 2019

What Qualifies for 501(c)(3) Status?

501(c)(3) status refers to an organization deemed to be in compliance with section 501(c)(3) of the Internal Revenue Code. 501(c)(3) entities are usually referred to as charitable organizations. A charitable organization that falls under section 501(c)(3) of the Internal Revenue Code is eligible to receive tax-deductible contributions pursuant to section 170 of the Code. The organization may also receive private foundation and government grants as well as tax exemption from several federal, state, and local taxes. These charitable organizations may also benefit from special postage and nonprofit advertising rates, among other discounts.
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Friday, October 4, 2019

What Is a Charitable Remainder Trust?

A charitable remainder trust gives you the opportunity to not only donate to a cause close to your heart, but will also provide you and your heirs substantial tax benefits. While this kind of trust may not be for everyone, it is definitely something you should consider for your estate plan.
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Tuesday, July 11, 2017

Is the Charitable Tax Deduction Going Away?

“Uncertainty” is one of the buzz words thrown around in the media when discussing Washington politics these days, and it definitely applies to those who like to take advantage of the charitable gift tax deduction to direct their tax dollars towards the good causes of their choice.

There are strong indications that the current administration intends to make efforts to reduce the availability of charitable donation deductions, as well as significant questions surrounding its ability to generate the political momentum to accomplish such a task.  Given the current circumstances, those inclined to utilize the charitable giving deduction should stick to the old adage: hope for the best, but plan for the worst. Talking to a Read more . . .

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