One of the rewards of financial success is the opportunity to make significant financial contributions to charitable organizations, institutions, and your community. Charitable giving is one way that you can help your community or a specific cause carry out their benevolent activities. Many types of organizations can benefit from your generosity, including religious, educational, health care, international relief, environmental or your own charitable family foundation.

Making gifts to these organizations requires careful planning to maximize the benefits to both receiver and giver. By isolating part of your wealth that is vulnerable to taxes, you can manage these funds to directly offer social support on a worldwide, national or local level. These funds that were previously targeted for taxes, can be considered your social capital.

There are various charitable giving vehicles available and ways to integrate such plans into your income and estate planning. Working with a financial consultant directly can help you assess your current holdings, your immediate and long-term financial needs and objectives and your charitable goals. Barry Financial Group provides a complete range of services to individuals interested in making charitable gifts to both public charities and private foundations. Together with Estate Planning and a Tax attorney, you can draw up any of the following trusts, which can help you achieve your Charitable giving plans.

• Charitable Remainder Annuity Trust (CRAT)
• Charitable Remainder Unitrust (CRUT)
• Charitable Lead Trust (CLT)
• Wealth Replacement Trust (WRT)
• Private Foundations

There are many advantages to structuring a charitable giving plan that offers financial versatility and tax efficiency. While helping others through Charitable Giving, you may benefit from it as well. The following are some possible personal benefits in addition to the wonderful feeling of helping to make the world a better place:

• Eliminate immediate capital gains taxes on the sale of appreciated assets, such as stocks, bonds, real estate and other assets.
• Reduce potential estate taxes and maximize the assets your heirs will receive after your death.
• Reduce current income taxes with an income tax deduction.
• Increase your spendable income throughout the rest of your life.
• Create a significantly larger Charitable Gift than you may think is currently possible

Barry Financial Group has the experience to help you determine whether Charitable Giving makes sense for your particular circumstance. We can assist you in putting your Charitable Giving plan into action. Our goals are to provide you with the professional assistance you deserve when you are considering the donation of large charitable gifts . Contact us today to schedule your no cost, no obligation consultation and begin planning for today’s needs and generations yet to come.

Please note that income tax deductions for gifts to many Private Foundations are more limited than what would otherwise be allowed for gifts to public charities. Additionally, the Federal Tax Code has rules that sometimes limit the deductibility of gifts to other organizations. You should consult your tax advisor regarding the applicability of these tax rules to your specific situation.