By G. David Bishop
Waccamaw Community Foundation Chairman
We all know that life holds two certainties: death and taxes. Despite our acceptance of these wise words from Benjamin Franklin, how well do we really plan for these eventualities?
I recently heard a story about two brothers who had made several million dollars from a real estate sale. When asked what they planned to do with their earnings, they said they’d get around to it one day. Unfortunately, that day never came, and their entire estate was given to the government upon their deaths.
With some simple planning, the millions these two men had worked their whole lives to earn could have been passed on to the people and causes that they cared about most in this world, instead of to Uncle Sam.
One of the jobs of community foundations – like Waccamaw Community Foundation – is to help people develop plans for charitable giving. What many do not know is that doing so can have significant tax implications both in life and after death.
For example, we can lower your taxable income by allocating a portion of your mandatory 401k draws to be distributed to nonprofits you select. Waccamaw Community Foundation also can help you set up and manage charitable giving that would reduce the size of your taxable estate upon your death.
Everyone has causes and organizations that are near and dear to their hearts. Whether they are your church, a local food pantry or your alma mater thousands of miles away, you provide support to them in various ways. Now is the time to think about how your legacy can help them keep going strong for generations to come – and receive tax benefits in the process.
We at WCF can help you develop a plan for giving and take care of the logistics of setting up a legacy that enables you to determine how, when and to whom your funds are given. We can also help grow your funds and enable your donations to make a larger impact for the causes you care most about.
Giving of our time and resources is a lifelong practice. How will you make a difference?
Contact us at 843-357-4483 or via email at firstname.lastname@example.org to learn more about the benefits of planned giving.