“Thank you Yvette and all of the sponsors for your support. Hearts for Jayla is making a difference. One Child, One Vision can make a World of Difference. Keep Praying.”
You are not alone. Giving has a domino affect in many ways. Jayla has shared what happened with her eye injury and other children do not feel alone in their personal eye injury battle. It is good to know we ran and raised money to help address, prevent and cure eye injuries. This is just a follow up video for your information and thanks again for your support. Stay in touch with us at http://www.ythlaw.com/
Yes, I ran my first 10k, ever. It was Labor Day when most folks relax and enjoy a cook out or two. But, not me, I was out there running through the neighborhood of Morrisville, Pennsylvania. I figured if I intend to do a Marathon, 26 miles, I should clearly start with some shorter races. So, the 10k (6.2 miles, my tag number for the run was 62, coincidence???), was my starting point. In my training schedule, I had run 6 miles a couple of times, so I knew I could do it.
BUT, running on your own and running an event is so different. The Pros: Folks cheering for you; Water breaks.....The Cons: The fast pace of all the runners. So what I did was just slow down to my own comfortable pace which meant I was soon all alone, just me, myself and I.
BUT the cheering carried me through to the end and I crossed the finished line completing my first 10k. A BAGEL and WATER never tasted soooo goood!!!
I run because Jonathan can't!! I run because Jayla needs her full vision!!
I have been in discussions recently regarding the viability of an organization when there is insufficient amount of giving to support it and its mission. In fact, this is the question currently posed in 2 organizations that I support. Both of the organizations are charitable organizations and rely on the giving of the community and its members.
With the economic situation as it is and the number of millionaires being few and far between, I have come out on the side of continuing to do what you can with the organizations while things do improve. If your mission is about helping and making a difference in the lives of those most vulnerable in the community, then you can't quit. You may have to downsize, readjust or think more creatively but you do not quit. And if you find you must then let others take your place until you get the energy to keep going. Others can be your strength and help you to carry on.
Enough said, I wonder whether you have found yourself in such a place with charitable organizations and I wonder how you coped or whether you coped. Share your comments here or contact us at http://www.ythlaw.com/
There are some stories that fill you with emotions. They touch our souls. I want to share this story of Grace Gronerwith you.
We ALL have something to give that will make a difference to someone. In the case of this very special story, a lot of people will benefit from the generosity of an unlikely millionaire. Leave your comments here or contact us at http://www.ythlaw.com/
Over the next few decades, it is estimated that trillions of dollars will be transferred from the parents of baby boomers to their children. Charitable giving will play an enormous role in this transfer of wealth. Charitable giving provides many personal and tax benefits. The top five tips of charitable giving include (1) making sure your charity is a qualified charity (2) taking advantage of your deductions (3) maintaining appropriate records (4) creating a legacy and (5) educating your children.
First, you want to make sure your charity is qualified by the IRS as a charity. The charity should provide you with the documentation if the status as a charity is unclear to you.
Secondly, when you contribute to a qualified charity, you are entitled to an income tax deduction based upon your income and the amount of the contribution. You can also set up charitable trusts that allow you to give stock, real estate or other property to a charity while you continue to benefit from the asset during your lifetime. These trusts are referred to as split interest trusts because the charity and you benefit.
In addition, you must make sure to maintain adequate records. Regardless of the amount of any contribution, you must substantiate that it was made. This can be done by retaining the canceled check, bank record, or any written communication from the charitable organization that shows their name, the date, and the amount of contribution.
Also, your charitable giving could serve as your legacy. If you have a lifetime passion or interest in something, then you could give to a charity that might represent that passion or interest. For example, some people may have been photographers, artists or collectors. You could give your collection to a charitable organization in order to create or preserve your legacy.
Finally, you may choose to set up your own charitable organization. An individual or a family could set up a private foundation to give money to other charities. A private foundation can serve to transfer assets to the next generation. This is accomplished by involving the younger generation in the foundation’s administration, management, and grant making. Children can learn about and engage in philanthropy at an early age.
Leave your comments here or contact us at www.ythlaw.com
Charitable Trusts are another way to engage in charitable giving. The types of trusts discussed today have significant tax benefits and include the Charitable Remainder Annuity Trust (CRAT), Charitable Reminder Unitrust (CRUT) and Charitable Leads Trust. The first two trusts, CRAT and CRUT, allow you to provide a remainder interest to a charitable organization while you continue to benefit during your lifetime from the asset to be transferred. These trusts are considered split interest trusts. They have both charitable and non-charitable beneficiaries.
The Charitable Leads Trust is also a split interest trust. However, it is the reverse of the CRAT and CRUT. The Charitable Leads Trust pays income first to the charity for a term of years and then the remainder amount is paid back to you or, if the trust is established after your death, to your beneficiaries. This means that the charity gets paid first and then the non-charitable recipient. Therefore, the charity leads the non-charitable recipient. That is why this particular trust is referred to as a Charitable Leads Trust.
The use of CRAT, CRUT and Charitable Leads Trust offer financial advantages to you during their lifetime. With the CRAT and CRUT, you, as the non-charitable beneficiary, have the right to receive, at least annually, an annuity or unitrust amount for life or for a term of years (not more than 20 years). At the end of the established term, the remaining assets of the trust are paid to or held for the benefit of charity. If the interest is an annuity interest, then the trust is considered a CRAT. When it is established, you choose the payout rate. The higher the payment to you, the lower the charitable deduction will be for tax purposes. If the interest is a unitrust interest, the trust is considered a CRUT. In the CRUT, the assets are revalued every year to determine the payout rate each year.
Whether you use a CRAT, CRUT, or a Charitable Leads Trust, you should choose appreciating assets to give and place in the trust. Since charities are not taxed, this will avoid a capital gain tax when the asset is sold by the charity. Therefore, for appreciating assets like real estate and stock, you get a charitable deduction during your lifetime and the charity avoids a capital gain tax.
Many people during their lifetime engage in charitable giving activities. They make gifts to cancer research, heart associations, educational institutions, or well water projects. Many give to hospitals, churches, or other religious and cultural institutions. Others have long term relationships with charities and want to continue charitable giving upon their death but they just do not know how. That is where estate planning comes into play.
There are many ways to engage in charitable estate planning. Today, I will address one of the most basic ways to make a charitable gift. That is through a bequest made in your will or trust. A bequest is appealing to many people because they can maintain control of their assets until they die, it is the easiest way to give, and it can also be changed at any time. The bequest is a statement in the will or trust identifying assets you want to leave and to which charitable institution you want to leave the assets.
Tomorrow, we will address other charitable estate planning methods. Stay tuned.
Leave your comments here or contact us at www.ythlaw.com
When you use the term philanthropy, many people think it does not apply to them but to the very wealthy. However, most people do see themselves as charitable. Well, philanthropy and charity are one in the same thing. You often are charitable to those things that matter most to you. In your display of charity, you are expressing a part of yourself, a part that can be captured in your estate planning. It is your personal legacy.
For many, one of the most important part of a personal legacy is philanthropy/charitable. But it is seldom just about the amount of the check or the impact the gift has on taxes. It is about the personal legacy story and the portion of the story that the charitable gift completes.
I have many clients who are committed to the idea of higher education and making it more accessible and afforable to others. As a result, they often want to provide a bequest in their will or establish a trust which would represent their legacy. They feel a greater sense of connection to the causes and educational institutions to which they give, and they are better able to articulate their values and life experiences that led them to their philanthropic/charitable choices. As a result, philanthropy/charity can provide the added benefits of both a teaching tool and a treasured family tradition.
Your comments are encourage or feel free to contact us at www.ythlaw.com
The questions posed in the Money Magazine are very insightful. That is why I have been sharing these questions with you in my blog. I hope you are looking at your answers for your next steps.
QUESTION 4. WANT TO GIVE TO CHARITY?
"If you'd like to donate some of your estate, one of the smartest ways is through a traditional IRA. Say you named your niece as the beneficiary of your IRA. She'd owe income tax on withdrawals, and the value of the IRA would be included in your estate for tax purposes. But if you name a qualified charity instead, it would owe no tax on withdrawals and you could reduce the taxes your estate would pay. (This strategy makes less sense with Roth IRAs; because they're funded with after-tax money, whoever withdraws the dough won't owe income tax on it.) Prefer to give the money now? Through the end of 2009 you can transfer up to $100,000 directly from a traditional IRA to a charity as long as you're 70½ or older. You won't be able to claim a tax deduction for the contribution, but you won't owe income tax on the withdrawal either. Another option you may want to ask your lawyer about: a charitable remainder trust. You put assets into the trust, which then pays you an income for a specified number of years or the rest of your life. After the trust matures, the assets go to the charity you've chosen. (At least 10% of the amount you put into the trust must go to the charity.) This trust has several advantages. When you fund it, you can take a tax deduction right away based on the present value of the gift that the charity will ultimately receive. You can get a reliable stream of income (you must draw down at least 5% of the trust's value each year). And you can shift into the trust assets that have appreciated quite a bit - such as shares of Exxon Mobil that you've held for decades - and sell them in the trust without incurring capital gains right away. "
Check out some of our archives for more information on charitable estate planning. Leave a comment or contact us at http://www.ythlaw.com/
Over the next few decades, it is estimated that trillion of dollars will be tranferred from the parents of baby boomers to their children. Charitable giving will play an enormous role in this tranfer of wealth. Although charitable giving provides many personal and tax benefits, it has a more fundamental benefit. It is voluntary giving. Involuntary giving results from overpayment of taxes. With proper planning, involuntary giving can be avoided. Individuals can give money from their estate to the charities they desire.
Many people during their lifetime engage in charitable giving activities. They make gifts to cancer research, heart associations, educational institutions, or well water projects. Many give to hospitals, churches, or other religious and cultural institutions. Others have long term relationships with charities and want to continue charitable giving upon their death.
Over the next few days, I will provide you with the ways to engage in charitable estate planning.
I was reading in one of Maya Angelo's recent books Letter to my Daughter a section she wrote on philanthropy. She expressed that she did not see herself as philanthropic as much as she saw herself as charitable. In being charitable, she and all of us, are expressing our philanthropic spirit. I attended the Bucks County Women's Fund Power of the Purse Dinner last week. Over 400 women and men attended this event which demonstrated the power of Giving. Many programs of community organizations received grants from the Fund. This is possible when a number of philanthropic individuals pool their money to leverage their giving and provide funds to programs (1) helping victims of domestic violence, (2) addressing self-sufficiency, (3) boosting self-esteem, (4) acheiving economic stability, (5) building homes and (6) advocating for our youth.
Estate planning helps us address our philanthropic interest in many ways during our lifetime and upon our death. Think about how and what you give and make sure you are allowing the power of your philanthropy to work for you. Get your estate plan done today.
EIGHTH, charitable estate planning is a growing hot topic. Over the next few decades it has been stated that as much as 40 trillion dollars will be transferred from the parents of baby boomers to their children. Charitable giving will play an enormous role in this transfer of wealth. Although charitable giving provides many personal and tax benefits, it has a more fundamental benefit. It is voluntary giving and not involuntary giving that results from overpayment of taxes. With proper planning involuntary giving can be avoided. Individuals can give money from their estate to the charities they desire.
Many people during their lifetime engage in charitable giving activities. Gifts are made to cancer research, heart associations, educational institutions or well water projects. Many give to hospitals, churches or other religious institutions. Others have long term relationship with a charity and want to continue charitable giving upon their death. Some people have developed lifetime passions that become their legacy.
Let your giving be your decision and not a giving by default when you fail to plan and your family ends up paying more in taxes than necessary. Share your charitable giving news with us.
