It's a double satisfaction. Give to a charity and feel good, because you have helped the charity's work. Feel as good, or better, because you have also helped yourself to lower taxes. But for the best feeling, use a charitable trust. Get your tax deduction now, and effectively postpone your gift for years. Or, deduct now, and get your gift back years from now. It's one of the best deals in the tax code and worth considering.
Charitable Remainder Trust
The charity can receive your gift after your other beneficiary. For example, you could give your trustee shares of appreciated stock to benefit one or more charity, but give all of the income from the trust to yourself or your children, while they live. The charity receives the trust only after the death of you or your last child.
Charitable Lead Trust
Or, the charity can receive the benefit first. Your charitable gift could consist of all the income from your trust for 20 years, but at the end of that period, you or your children would receive the trust outright. Either trust allows the donor to take an immediate income-tax deduction.
At CNB we can help you set up a Charitable Trust.
Interested in community-based philanthropy? Learn about the Finger Lakes Area Community Endowment.
If you would like additional information, please use the contact us form or if you would like to speak with a Financial Services Professional, please call 585.419.0670.
This material is provided for general information purposes only and is not a recommendation or solicitation to buy or sell any particular security, product or service. Past performance is not indicative of future investment results. Any investment involves potential risk, including potential loss of capital. Before making any investment decision, please consult your legal, tax and financial advisors. Non-deposit investment products are not bank deposits and are not insured or guaranteed by Canandaigua National Bank & Trust, or any federal or state government or agency and are subject to investment risks, including possible loss of principal amount invested.