Smart Money

In a season of giving, we focus the radar on the tax implications of charitable giving and how you can best structure your estate. Zachary “Zak” Mann of Coastal Wealth offers a quick overview for every philanthropic budget.
Text by Zachary “Zak” Mann | April 20, 2018 | Lifestyle

IRA Charitable Rollover: Must be over age 70.5 at time of gift and cannot exceed $100,000 per tax year. Distribution not included in income; you don’t have to itemize (no deduction); counts toward current year Required Minimum Distribution.

Donor Advised Fund: Your donation to the fund is an irrevocable charitable donation credited to a charitable gift account from which you may recommend the timing and amount for grant distributions.

Private Family Foundation: A Private Family Foundation is usually part of a comprehensive giving strategy for high net worth donors. This structure allows you to make tax-deductible charitable contributions and retain significant control over the giving process, while providing an opportunity to start a multi-generational legacy of giving.

Life Insurance: The premium payments you make on
a life insurance policy owned by your favorite charity could result in your charitable gift becoming more valuable than an annual cash contribution of the same amount.

Other options: Additional common strategies include Charitable Gift Annuities, a Charitable Remainder Trust (CRT) or a Wealth Replacement Trust. Contact a trusted financial advisor for more details and information.

Zachary “Zak” Mann is a Financial Advisor with Coastal Wealth who strives to help his clients meet their financial goals, estate strategies and insurance needs. He also advises on a full range of charitable planning options and strategies; 786.315.4704;