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    Oct 19 12

    Five Ways To Be Charitable

    Newport Beach Law Firm

    There is certainly a place for special
    trusts and foundations, but they are not a requirement.  There are many ways people aren’t aware of to
    be charitable both in your own family and also in your community.

    Giving can be complicated,
    especially when it moves beyond handing over cash or writing a check. A recent Forbes article provides some practical
    advice you may not have considered. The article is titled “Five Ways To Be Charitable Even If You
    Aren't Bill Gates
    .” And if you’re not Bill Gates, the “five ways” do
    not require the complexities of family foundations.

    Here are the Forbes tips for your charitable
    consideration:

    1. Give the gift of
      education.
      Have you thought about giving to your own children or
      grandchildren and in the form of a 529 college savings plan or a direct gift to
      the college?
    2. Give your IRS
      distribution to charity.
      Since you have to take your required minimum
      distribution anyhow, send it directly to a charity instead. This option is
      available for the remainder of 2012, but its future is uncertain. 
    3. Name
      your charity as your beneficiary on your retirement account.
      This option is
      appropriate if you’ve decided that any retirement funds left over should
      eventually pass to charity instead of loved ones. Be sure to designate your
      charitable beneficiaries accordingly! Note: The full amount of your retirement
      account given to charity is income tax free. If left to a non-charity, then the
      full amount is taxable as ordinary income.
    4. Donor-advised funds. By giving to a
      donor advised fund, you can give today, take the charitable deduction in this
      year’s taxes, but decide which charities to benefit next year or beyond. They
      are easy to establish too.
    5. Charitable gift annuity. Are you keen
      on the idea of receiving a guaranteed lifetime monthly income, especially as an
      assurance in old age? If you also want to benefit charity in the process, then
      consider hitting two birds with one stone by opting for a charitable gift
      annuity.

    This is just an overview of the
    “five ways” featured by Forbes, so be
    sure to consult with your financial, tax, and legal advisors regarding the
    appropriateness of each for your circumstances.

    Contact Meier Law Firm to discuss all of your estate planning options.

    Reference: Forbes (September
    20, 2012) “Five Ways To Be Charitable Even If You Aren't
    Bill Gates”




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