There are certain causes that people care deeply about such as environmental, social or educational. There are ways to contribute to these causes while you are still alive and still receive payments during your lifetime. Not only does this assist you and your charitable organization while you are still living, but it also has a lot of tax benefits that come with it.
You can reduce current capital gains taxes by contributing your assets to a charitable remainder trust. You can then receive a payout from the trust to yourself or someone else during your lifetime or just during a specific time in your lifetime. You can also make provisions as to whether your assets will go to a charity after your death or to a loved one.
Charitable giving is a great way to continue your legacy during and after your death and get the added tax benefits. Make an appointment with an attorney at The Swenson Law Firm to learn more about charitable giving.