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Such an asset if included in a taxable estate may very well lose fifty (50%) percent or more of the value of the asset to the federal estate tax and then another thirty-three and one- third (33-1/3%) percent, more or less, to income taxes as the asset is paid out to beneficiaries. virginia state income tax forms, irs code, michigan state tax forms, ohio state tax forms, sales tax rates by state, michigan income tax forms, federal income tax refund status, federal tax forms, nys income tax, ohio income tax, government tax sales, new york state sales tax, irs tax help, los angeles county tax collector, e-file taxes, us tax forms, tax cut software, los angeles county tax assessor, new york state tax forms, turbo tax 2002, federal income tax calculator, 2002 federal tax tables, missouri state tax forms Us tax forms. Designating a recognized charity as a beneficiary of such assets will totally avoid not only the federal estate tax, but will avoid all income taxes meaning that the charity receives one hundred (100%) percent of the value of the asset. If clients are considering giving to charity through an estate, these are the first assets that should be looked at. Charitable Remainder TrustsUnder such a trust an asset is transferred to the trust (donor gets current tax deduction based on remainder value of the asset), the client (and a spouse) then can receive income from the trust at a designated rate for lifetime or a period of years, and after that the balance in the trust passes to charities named. virginia state income tax forms, irs code, michigan state tax forms, ohio state tax forms, sales tax rates by state, michigan income tax forms, federal income tax refund status, federal tax forms, nys income tax, ohio income tax, government tax sales, new york state sales tax, irs tax help, los angeles county tax collector, e-file taxes, us tax forms, tax cut software, los angeles county tax assessor, new york state tax forms, turbo tax 2002, federal income tax calculator, 2002 federal tax tables, missouri state tax forms Government tax sales. All capital gains on the transfer of the assets to the trust are avoided and also all estate taxes that would have been due are also avoided. Pooled Income Funds and Gift AnnuitiesThe client who does not wish to be burdened with the detailed requirements and tax returns required by the charitable remainder trust can use a pooled income fund or a gift annuity to accomplish the same results. They are offered by many schools and large charities where the donor wishes to name that particular charity as the ultimate beneficiary. virginia state income tax forms, irs code, michigan state tax forms, ohio state tax forms, sales tax rates by state, michigan income tax forms, federal income tax refund status, federal tax forms, nys income tax, ohio income tax, government tax sales, new york state sales tax, irs tax help, los angeles county tax collector, e-file taxes, us tax forms, tax cut software, los angeles county tax assessor, new york state tax forms, turbo tax 2002, federal income tax calculator, 2002 federal tax tables, missouri state tax forms Federal income tax calculator. If the donor wishes to have the option as to which charities to name to receive the balance remaining, the Fidelity Investment Company offers a pooled income fund allowing the donor to name charities of choice. Charitable Lead TrustThe charitable lead trust is just the opposite of the remainder trust. Assets are placed in the trust, a stream of income at a set percentage is paid annually from the trust to designated charities, and then the balance remaining in the trust either after a term of years or after lifetimes then returns to the donor, or in most cases to the children or heirs of the donor. The lead trust can save a substantial amount of the federal estate tax on passing portions of an estate to children. Gifts of Future Interests in Real EstateIf a donor wishes to continue to use and enjoy real property such as a residence but then wishes such property to pass to a charity after lifetime, this can be done through a future interest gift. The rules are somewhat complex and the tax deduction will be based solely on the value of the future interest remainder of the property. Since the property will not be sold, there will be no capital gains taxes involved and also the value of the property will not be included in the donor's taxable estate. Gifts of Future Interests in Tangible Personal PropertyNo federal income, gift or estate tax charitable deduction is allowed for gifts of tangible personal property (works of art, antiques, etc. ) when the donor or close family member keeps a life estate with enjoyment or use of the property. The Fidelity Charitable Gift FundThe Fidelity Investment firm has introduced and established anew concept in charitable giving that has proved extremely popular.
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