Did you know that an estimated $449.64 billion was given to charity in 2019 by Americans? Charitable gifting is a great way to support a cause or organization you care about, or to leave a legacy behind. Whatever your reason may be for donating to a charity, we at Burr Capital Advisors are here to help you understand a few different choices you have when it comes to charitable gifting:
Direct Gifts - As the name suggests, direct gifts are contributions you can make directly to a charity. These types of gifts can offer deductions from taxes in certain circumstances.
Charitable Gift Annuities - With this type of gift, the donor will give the charitable organization money, securities, or real estate. In return the charity will pay the donor a fixed income, until the donor passes. At which time, the charily then receives the assets.
Pooled-Income Funds - If you are interested in pooling your contribution with other donors into a fund, this is the type of gifting for you. This enables donors to receive income, manage specific tax burdens, and more.
Trusts - While trusts come with complex rules and regulations, they are a great way for a donor to receive lifetime income from the assets during their lifetime.
At Burr Capital Advisors, we are committed to educating our clients about their options, and work with them to come to a decision that is right for them. If you are interested in charitable giving, but aren’t quite sure where to start, one of our expert financial advisors can help you with the process. If you already know what kind of charitable gifting you’d like to partake in, we can help make sure you have everything in order. At the end of the day, we are here to help you understand and manage your money, and set yourself up for financial independence.