BOCA RATON, Fla., May 4, 2017 /PRNewswire/ -- It's been said that it is better to give than it is to receive and nothing could be truer when it comes to Charitable Planning along with the many tax benefits it offers. With all the tax hikes and market volatility, with 85% of Americans already giving to charity, charitable planning remains a largely untapped opportunity. There are simple programs which can be easily implemented that can provide enhanced tax savings and income benefits.
Charitable planning can be beneficial not only for tax and philanthropic benefits but for income planning as well. Chamberlin Financial now has a strategic partnership with Legacy Tree Foundation to offer charitable planning services to clients. Legacy Tree Foundation only works directly with advisers, not the public, so clients must work directly with an adviser who works with Legacy Tree Foundation.
How can someone can benefit from an immediate charitable deduction? The deduction can be used to reduce Adjusted Gross Income (AGI) by up to 50%. If the tax deduction is large enough that it cannot be utilized fully in the first year, the remaining amount can be carried forward for up to 5 additional years. Examples of people who might be able to utilize these tax deductions are:
- Annuity owners who would prefer NOT to pass along lump sum annuity gains to their heirs.
- People who are taking RMDs that they currently neither want nor need.
- People who earn enough in social security, pension and other investment income that they are making quarterly tax payments.
- Families who experience an unusual year of inflated income due to the sale of a business, real estate, or other type of windfall.
- Put real dollars back in your pocket.
Chamberlin Financial has many case transfer studies listed on their website concerning everything from annuity, cash, securities, real estate, and even a Roth IRA Conversion case study.
It's Not Just for the Wealthy
By understanding the basic features of charitable gift annuities and charitable bargain installment sales, clients can strategically unlock assets, create tax deductions and set up structured payments for heirs while also supporting their favorite charities. These simple programs include:
- The charitable bargain installment sale, which provides either an immediate or deferred structured income payout to a family for life for a set number of years.
- The traditional charitable gift annuity, which creates an immediate or deferred lifetime payout for up to two individuals.
Anyone planning to add charitable planning to their portfolio should work with an adviser who has a strategic partnership with a conduit to charitable organizations and understands charitable giving tax laws.
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SOURCE Chamberlin Financial