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Deferred charitable giving options.

Publication: The Tax Adviser
Publication Date: 01-OCT-04 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Among other motivations, a client who is eager to donate to charity also wants to capture a charitable deduction for income tax purposes. Sometimes, the client has not selected the charities or, perhaps, the amount involved is much greater than he or she wants to give in one year. As such, what he or she really needs is a "philanthropic savings account." This item provides a frame work for evaluating the advantages and pitfalls of three alternatives applicable to a client who has no need for additional income or for donated assets to pass to heirs or other noncharitable beneficiaries; thus, it does not discuss charitable gift annuities, charitable remainder trusts or charitable lead trusts.

The Alternatives

The Code provides three different ways to make a current gift (to secure a current income tax deduction), while deferring payments to the ultimate charities:

* Public charity's donor-advised kind;

* Private nonoperating foundation; and

* Supporting organization.

Donor-advised funds: These funds are owned and operated by public charities (including community foundations); public charity affiliates of mutual fund/brokerage firms; and larger charitable organizations...

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