Have you considered expandingyour generosity through a unique kind of charitable gift that is structured toactually â€œgive backâ€? Examples include a charitable gift annuity, a charitableremainder trust, a charitable annuity trust, a pooled income fund or a lifeestate. As important as it is to understand these kinds of charitable gifts,there is good reason to know how and why they can be undone â€“ and all for thesake of timing.
The subject of undoingstructured gifts was illustrated by the FredHutchinson Cancer Research Center, itself no small target for charitablegifts of all kinds, in an article titled â€œCurrent Planned Gifts I - Gift Annuities and Unitrusts.â€
The original article is a fairlyhandy guide, especially if you are already familiar with these powerfulplanning tools. However, the guide also gets a bit technical, too.
The main takeaway is that astructured gift is not necessarily a structure set in stone. In fact, there areways to speed up a gift of the â€œremainderâ€ interest in a structured gift. In acertain tongue-in-cheek way the article explains from the point of view of thecharity:
â€¦ presidents and CEOsof charities generally prefer current gifts as opposed to planned gifts. Allpresidents and CEOs have many goals and projects that require current funding.Therefore, the gift planner will be very favorably received if he or sheunderstands the different methods for converting a planned gift into a currentgift.
Then again, there are just asmany reasons to speed up a structured gift when you are the giver.
For instance, if you arereceiving a current income stream that you no longer need later in life, thenyou can accelerate the gift of the remainder interest generating that incomeand accelerate the charitable deduction to the current year. This deduction maybe helpful if you are taking Required Minimum Distributions from your IRA.
Timing is everything, and knowing what can be undonegives you that much more flexibility.
For more information on this and otherestate planning subjects, contact IdahoEstate Planning and schedule aconsultation. Remember,good planning is no accident.