We have been encouraged to be bold in suggesting planned giving to our supporters. That is difficult for me to do. One thing that helps me overcome my opposition to “asking” is a situation I found myself in more than 17 years ago. I ran an ad inviting folks to come to one of our Benefit Dinners. I was fooling around with ad copy and wrote, “Oh, go ahead, buy a ticket! If you leave your money to your kids you won’t like the way they spend it anyway!” Well, accidentally that ad ran! It broke the ice for some folks who truly wanted to leave a legacy by giving to a cause they believed in. Please consider meeting with your financial planner, tax advisor or attorney to help you determine the best planned giving options for you. Even giving a little can make a big difference! Give us a call for a list of reputable advisors in our area.
Rather than trying to be an expert and explaining all the ways a planned gift is possible, I thought it might be cool to introduce you to some of the wonderful people we have met over the years that are the real experts in this arena. Each month we will feature a new idea about planned gifts that can actually save you money NOW! We will introduce you to some of the friends we have met who are the real experts! Be sure to tune in…for life and Truth!
Creative ways to give to Lifeline Family Center…
We asked Scott White, President of Scott White Advisors, to help us think outside the box when it comes to supporting Lifeline Famly Center. In the following article he shares some wonderful win/win ways to be a blessing to us and your family members at the same time.
Planned Giving: Gifts That Make a Difference
by A. Scott White, CFP®, ChFC, CLU
Planned giving is a way to leave a philanthropic legacy and support charities you care about with a major gift made during your lifetime or at death. Depending on the size of your estate, there are limitations on how much you can leave to your heirs. Planned giving, as part of a comprehensive financial plan, can help ensure your wealth goes to where you determine it is most needed and in the most efficient manner.
Most planned gifts are not made with cash, and are made as part of your overall estate or financial plan. For many donors, their significant assets are in their investments, retirement plans, real estate, and ownership interest in their business. Planned giving focuses on how to secure gifts from your assets in a manner that is more beneficial than writing a check.
There are many vehicles to make planned gifts, including charitable remainder trusts, charitable gift annuities and many others. Bequests are the most common and perhaps the simplest way to share your legacy. There are three main types of planned gifts:
Gifts payable to charities upon the donor’s death
You can give either a specific amount of money or item of property (a “specific” bequest), or a percentage of the balance remaining in your estate after taxes, expenses, and specific bequests have been paid (a “residual” bequest). Gifts payable to a charity upon the donor’s death, like a bequest or a beneficiary designation in a retirement account or life insurance policy, do not generate an income tax deduction for the donor. They may, however, be exempt from estate tax.
Gifts that use appreciated assets
Donors can contribute appreciated property, like securities or real estate, to a charity. They can receive a charitable deduction for the full market value of the asset, and pay no capital gains tax on the transfer.
Gifts that have income or other benefits
Donors who establish this type of gift can receive a tax deduction for the full, fair market value of the assets contributed, less the present value of the income interest retained. If donors fund their gift with appreciated property, they pay no upfront capital gains tax on the transfer.
As you begin your philanthropic planning, you may want to meet with your financial planner, tax advisor or attorney. Your advisors can help you determine the best planned giving options for you.
The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.Scott White is past president of the Financial Planning Association Southwest Florida Chapter. He is past president of the Southwest Florida Chapter of the American Society of Financial Service Professionals, past president of the Lee County Estate Planning Council, and founding president of the Planned Giving Council of Lee County. For more information, visit www.scottwhiteadvisors.com or call (239) 936-6300. Scott White Advisors is an independent Registered Investment Advisor and is located at 1510 Royal Palm Square Boulevard, Fort Myers, Florida 33919. Securities offered through Raymond James Financial Services, Inc., member, FINRA/SIPC.