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Why Charitable Planning is important?

The Basics of Charitable Planning


When people are asked how they want their estate distributed at their death, many people mention giving to a charitable organization such as a school, their church or a favorite nonprofit. Without proper planning, charitable wishes may not be fulfilled.

Charitable Planning can be complicated, involving trusts and the drafting of legal documents, or it can be as simple as adding a beneficiary to your retirement account or life insurance policy. At Fish and Associates, we understand that “every person, family, business, and situation is different”; and each family needs to plans for their personal legacy.

What is Charitable Planned Giving?

In its purest form, charitable planning is the act of giving money or other items of value to charitable organizations (such as a church or a homeless shelter) without expecting anything in return. Some specific planning techniques are deferred, meaning that you can make a gift now, perhaps get a tax deduction and income while you are living and the remaining assets go to the charity upon your death. In that case you and the charity both benefit.

Does Charitable Planning only provide for charitable contributions after my death?

Depending on your individual circumstances you can set up a charitable giving plan that starts now, at your retirement, upon your death, or anytime in between. In other words, you have control over how gifts are received and when. There are so many options, both simple and complicated, it is best to talk to one of our experienced planners to determine what your options are and what will work best for your individual situation.

Why is Charitable Planning important?

Giving some (or even all) of your assets to a charity that is important to you once you have passed is a very generous option that many people consider. Today, charitable planning is becoming a very popular way to give back to the community, while potentially getting some excellent tax benefits for you and your loved ones in the process.

Current tax codes give exceptional tax benefits for most types of charitable giving.

We know that you probably have a lot more questions about Charitable Planning so call us today at Fish and Associates. You can reach us at 901-767-0668 and we will answer your questions about Memphis Charitable Planning. At Fish and Associates, we are here to help you have the best life possible with the money you have!



The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. Comments that may include past performance are not intended to be forward looking and should not be viewed as an indication of future results. Trusts should be drafted by an attorney familiar with such matters in order to take into account income, gift and estate tax laws (including generation skipping transfer tax). Failure to do so could result in adverse tax treatment of trust proceeds.

Note: Due to industry regulations on communication, we are unable to allow for public comments on this blog. Please feel free to email me your questions and/or comments to kathy@fishandassociates.com. Thank you.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Kestra IS and Kestra AS are not affiliated with Fish and Associates. Kestra IS and Kestra AS do not provide tax or legal advice.

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