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Many clients are interested in making significant charitable gifts, either during lifetime or at death. However, they typically don't like to pay a lot of money and create reams of documents in connection with their charitable planning. Charitable gift annuities and donor advised funds are two tried-and-true charitable vehicles that make current and deferred charitable giving easy and efficient, and therefore attractive to such clients.

 

A donor advised fund is sometimes referred to as the charitable foundation for "everyman." It involves a minimal amount of time and effort on a donor's part to establish and administer. And it gives donors the return "gift of time." Donors can make gifts into their funds when their tax and financial situation makes gifts appropriate, and then donors can request grants out of their funds once they have determined the identity of the charities they wish to support, and/or the time period over which they want to provide the support.

 

Charitable gift annuities (CGAs) are vehicles that provide fixed payments to a donor for the donor's lifetime, with an up-front charitable deduction equal to the present value of the residuum that is expected to pass to charity at death. CGAs are often overlooked but given their simplicity, they can be a much better alternative to charitable remainder trusts in the right situation. While CGAs do not allow for the flexibility of design that charitable remainder trusts provide, they can be created under a one-page agreement; they do not require the appointment and expense of a trustee; and they provide certainty in the size of the payments and the tax treatment of the payments.

 

To learn more about “Charitable Gift Annuities and Donor Advised Funds”  (presented by J. Bradley Britton of The Columbus Foundation) attend the 2008 Probate Law Institute on Friday, May 9, 9 a.m. to 4 p.m. for 6.0 hours of CLE credit. Other topics to be discussed include “Attorney Fees in Probate Matters” with Judge Lawrence Belskis; “Recent Judicial and Legislative Developments” with R. Douglas Wrightsel; “Tax Apportionment: How It Works, Why It Matters” with Robert R. Dunn; “Special Needs Trusts Including Applicable Ohio Trust Code Provisions” with Thomas J. Bonasera; “60 Law Office Technology Tips, Tricks and Websites in 60 Minutes” with Paul J. Unger; “New Forms We Should All Be Familiar With” by Jay E. Michael; and “Guardian of the Estate: The Investigator, Protector, and Reporter” by Magistrate Kelly C. Patton.

 

Click here to register online or phone 614/221.4112 for event #3704. The cost is $195 prepaid/$210 day of for members, $250 prepaid/$265 day of for non-members and $170 prepaid/$185 day of for paralegals. This event usually sells out, so it is a good idea to register early.