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Charitable giving is an important way to support organizations whose work you value. Perhaps you want to make a financial contribution to your favorite charity, establish a new program to address a specific concern in your community or create business opportunities and social connections through your philanthropic activities. You may be able to accomplish these goals while also lowering your tax bill.
Whatever your personal reasons for giving, your financial advisor can help you leverage charitable giving strategies for the twofold advantage of helping a worthy cause while also potentially reducing your taxes.
There are a number of tools and strategies, each with its own advantages and limitations, that can be used for effective philanthropy, including:
Find the expertise and the guidance you need to put your goals for charitable giving into action with the assistance of RBC Wealth Management.
Gifting appreciated assets such as investments can provide important tax advantages. Your charity receives a larger gift and the gift is not reduced by capital gains tax.
Life insurance is generally preferred for estate planning. However, gifts of life insurance are easy to administer and do not involve delays in settlement.
Talk to a financial advisor today to discuss the benefits of charitable giving and how you can incorporate planned giving into your overall financial plan.
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Ultimately, it’s up to you to decide if charitable giving makes sense for you. Things to consider are your age, net worth, future income needs and financial goals.
Your financial advisor will work with your accountant, tax preparer and lawyer as needed to ensure your needs are met.
You may want to consider a trust that allows you to distribute gifts to children or grandchildren and maintain a degree of control.