Women And Money: 5 Strategies For Charitable Gifting

According to Business Week Magazine, Bill and Melinda Gates are the most generous donors in America, having given away over twenty three billion dollars, more than half of their net worth.  The founders of Intel, the founders of Dell Computers, Ted Turner, Mayor Michael Bloomberg, Joan Kroc, and Sanford Weill are all heavy givers too. Now you may say: “Easy for them. They can afford it! They can give away a fortune and still have more than enough money to do whatever they want for the rest of their lives and to be sure that their children and grandchildren and great-grandchildren are protected.” 

However, you can have much, much, much less than Bill and Melinda Gates, but still have enough in assets to have to pay estate taxes when you die. The question for you is: Would you rather give that excess to the charity of your choice, or donate it to the Internal Revenue Service?

  1.  For lifetime gifting consider what assets you have that have a current low income tax basis – stock, artwork, antiques, and real estate.
  2. Consider whether you would like to unlock the value of those assets by selling them now, avoiding the capital gains tax and converting them to an income flow for your lifetime. Make sure that you consider that you will be giving up the principal asset value during your lifetime.
  3. Think about which charities you wish to benefit; and think about whether they should receive assets at once or over a period of time.
  4. Discuss the various charitable gifting strategies with your estate planning and tax advisors.
  5. Consider making strategic charitable gifts of more significance at your death, or if you are married when both of you die.

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning.  She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about.  Annino recently announced the release of an updated version of her successful book, Women and Money: A Practical Guide to Estate Planning to include recent changes in the laws that govern how we protect our assets during and beyond our lifetime.  Annino’s book is an exhortation, resource and trusted companion for women in all facets of life.  To purchase the book visit:  http://amzn.to/hOHuEV or for more about Annino, visit: www.patriciaannino.com


Speak Your Mind