Florida residents who want to positively contribute to charitable efforts have a myriad of options on how to do so. Certainly, there always exists the option to simply write a check or make a credit card donation to any number of charities. Many organizations also accept donations of items that can be then sold and turned into profits for their charities. However, there can be many situations in which these giving options are not sufficient, especially for donors who have large sums to contribute to charitable efforts.
Forbes indicates that people can consider creating donor-advised funds or private foundations for their philanthropic efforts. Both of these are irrevocable once established. A foundation offers greater levels of control while a donor-advised fund gives people the ability to add money to a fund as they go.
PlannedGiving.com offers Florida residents useful information about how they can proactively combine financial and estate planning with their charitable efforts. Many people think only about bequeathing assets to a charity after they die when they think about planned giving. Certainly this is one type of such philanthropy but it is not the only form that planned giving takes. Gifts can be established during a person’s lifetime as well. Some of these may even provide income for a donor along the way.
Among the benefits of planned giving include the potential to avoid capital gains taxes on property appreciations. Estate taxes may also be eliminated for those gifts to be distributed after death. Putting the right plans in place can offer people the ability to reduce some tax liabilities while also increasing the amount of money that they can give to worthy causes.
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