Charitable Giving can be structured to benefit both the recipient and the donor. Everyone has their own reason for gifting their assets or a portion of their income to charitable organizations. Some find comfort in helping others who are less fortunate, while others simply want to share their good fortune. Many institutions are supported in large part by charitable donations and their very existence and ability to serve the community is dependent on these donations. Charitable giving is used to support health, education, arts, community, religious and environmental organizations. Presently, the tax code offers incentives for the gifting of one’s assets or incomes. Tax deductions are given for current contributions and charitable gifts can reduce the size of your estate to help minimize estate taxes.
By using charitable gifting techniques, a living donor may be able to benefit the charity without having to sacrifice the income that an asset can generate. Tradition will work with you to properly structure charitable gifts which can provide current and future benefits for both the donor and the charity.