Charitable Giving Means Generous Tax Savings for You

For many, giving back is a priority. Giving creates a positive change in people, institutions and communities. Plus it makes us feel good to know we can do our part to make our world a little better place for future generations. And whether your goal is to make a big impact or a modest gift, charitable giving can play an important role in your year-end planning, too.

In fact, there are a number of ways to make charitable giving part of your overall financial plan, and choosing wisely among them can be the key to making the biggest impact while also minimizing present and future tax liability. Outright gifts of cash, stocks or naming charities among your life insurance or retirement plan beneficiaries will benefit your favorite causes.

A particularly convenient and simple way to make charitable gifts is to set up a donor advised fund. Similar to a private foundation, a donor advised fund lets you donate to your favorite charities but with less expense and easier setup. You can gift the money when you set up the fund or simply set it aside for future donations, and still receive immediate tax benefits and deductions. It’s an effective strategy for year-end tax planning and a great way to establish a lasting and generous legacy.

Talk to your financial advisor or contact the Saginaw Community Foundation today about all your charitable giving options, especially now as you begin your year-end planning. Because when done right, giving can benefit you, too.

Giving means saving

With the right approach you can support your favorite causes at Saginaw Community Foundation and, in return, get:

• A reduction in your taxable income
• A reduction in your capital gains tax liability
• A reduction in your taxable estate

Check with your financial advisor to discuss your individual tax situation.