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 of the institutions of arts, sciences, education, and health care are supported in large part by those who want to give back.
Presently, the tax code offers incentives for gifting of one’s assets or incomes. Tax deductions are given for current charitable contributions, and future planned charitable contributions can reduce the size of the estate to help minimize estate taxes.
Some examples of charitable giving vehicles are Donor Advised Funds, Charitable Remainder Trusts, and Charitable Lead Trusts.