Charity Giving Planning

Charity Giving Planning - Eureka Wealth Solutions

Philanthropy is a common goal for many individuals, currently, in the future, and as a legacy. Eureka will get you started by donating 2% of your overall fees to one of five major charities that you can choose.

Listed below are some of the key strategies you should be aware of, but many others could also be beneficial depending on your personal situation. If giving is important to you, there are a number of strategies to optimize your taxes while supporting your favorite causes. Please refer to our Tax Planning page for more information about the services we provide.

Charitable Giving Strategies

  • Simple Strategies
    • Bundling – Understanding that simple donations may not be tax-deductible unless your deductions are itemized as opposed to using the standard deduction. Bundling donations for two or multiple years can push you over the itemization limit.
    • Donating appreciated assets – Instead of donating cash, donating appreciated assets of the same value gives you the opportunity to avoid capital gains tax on the appreciated items such as securities, even private or restricted, or collectibles.
  • Qualified Charitable Distribution (QCD) – If you are at least age 70½, converting a portion of your IRA or Roth IRA (but not 401(k)) to QCD qualifies as a charitable donation and allows IRA withdrawal tax-free. With certain conditions, QCDs can also qualify as the required minimum distribution (RMD).
  • Charitable Remainder Trust (CRT) – tax-exempt irrevocable trust designed to reduce the taxable income of individuals. It dispenses income to one or more non-charitable beneficiaries for a specified period and then donates the remainder to one or more charitable beneficiaries. The trustor is eligible for a partial tax deduction.
  • Charitable Gift Annuity (CGA) – both a tax-deductible gift and an income-producing annuity. In return for the irrevocable transfer of your assets, the charitable organization agrees to pay you (or the annuitant) or your designated beneficiary a fixed amount of money for life. Can be immediate gift annuity, deferred or flexible.
  • Donor-Advised Funds (DAFs) – private funds for philanthropy.

    Should I Use A Donor Advised Fund - Eureka Wealth Solutions
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