More Related Content Similar to The 3 Doors To Significant Giving Similar to The 3 Doors To Significant Giving (20) 1. The Three Doors to Significant Charitable Gifts and How to Get Through Them Presented by: Tom Conway The National Christian Foundation © 2007 The National Christian Foundation 3. © 2007 The National Christian Foundation 4. Cash is 7% of average gross estate.** 80 % of gifts are cash * *This percentage has been deduced from numbers in Giving USA 2005 and IRS statistics. **See Estate Tax Returns Filed in 2003: Gross Estate by Type of Property, Deductions, Taxable Estate, Estate Tax and Tax Credits, by Size of Gross Estate (available at http:// www.irs.gov ). 10. The Smiths – Real Estate Sale The ‘Three Bucket Approach’ The Smiths have a parcel of real estate worth $3.5 million. They are ready to sell and have some charitable interest, but they also want to keep a large portion for themselves and their family. © 2007 The National Christian Foundation 12. Pre-Sale Gift of Property Interest The Smiths Smith Giving Fund $700,000 20% Smith CRT $2,100,000 60% Smith Family $700,000 20% Charities / Ministries / Churches Income: $157,500/year for life At Death to Charity Tax Deduction: $700,000 Tax Deduction: $538,251 © 2007 The National Christian Foundation 13. Tax Treatment Upon Sale The Smiths Smith Giving Fund $700,000 20% Smith CRT $2,100,000 60% Smith Family $700,000 20% Sell to Buyer Tax Free Sale $ 700,000 deduction Tax Free Sale $538,251 deduction Taxable Sale (but $1.2mm+ of deduction) © 2007 The National Christian Foundation 25. The Taylors – SCENARIO : Mr. & Mrs. Taylor have three children. At their deaths, they would like to leave 25% of their estate to each child and the remaining 25% of their estate to their favorite charities. Is there any way they can enjoy less income taxes during life for gifts they plan on making at the end of life? © 2007 The National Christian Foundation 26. “I’m Giving to Charity at Death” Current Plan – The Taylors Death $2,250,000 $750,000 Estate $3,000,000 Probate Estate $3,000,000 Family Charity © 2007 The National Christian Foundation 36. Disclaimer Funded Giving Fund $5,000,000 Estate Taxable Portion of Estate Children By Child’s Disclaimer Non-taxable portion of estate Parents want to share with their children. But desire children to decide how much to pay Govt. in taxes and how much to share with ministries and charity. Giving Fund Children Net After Tax Amount © 2007 The National Christian Foundation 39. “ Make all you can, Save all you can, Give all you can.” John Wesley 40. © 2007 The National Christian Foundation
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