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At what age did you hit six-figure charitable donations
Posted on 6/16/18 at 11:05 am
Posted on 6/16/18 at 11:05 am
The other thread got me thinking about other financial milestones in life. It's good to have a long-term financial plan (net worth etc.), but I think having a charitable plan is also good.
I don't tithe and actually regret that, but with a wife and three kids it would be tough to start doing that all at once.
It would be great to someday reach lifetime charitable donations of $1 million. So far according to MS Money I am at ~$82500 (Age 38), so a long way to go (maybe win the lotto?). But six-figures could be realistic in the near-term.
What are some of your annual and lifetime charitable goals? What are your preferences to make sure your donated dollars get the most bang for the buck? And what strategies do you have to accomplish all of this while maximizing the tax benefits?
I don't tithe and actually regret that, but with a wife and three kids it would be tough to start doing that all at once.
It would be great to someday reach lifetime charitable donations of $1 million. So far according to MS Money I am at ~$82500 (Age 38), so a long way to go (maybe win the lotto?). But six-figures could be realistic in the near-term.
What are some of your annual and lifetime charitable goals? What are your preferences to make sure your donated dollars get the most bang for the buck? And what strategies do you have to accomplish all of this while maximizing the tax benefits?
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Posted on 6/16/18 at 11:16 am to Bayou Tiger
I consider all taxes paid charitable donations.
Posted on 6/16/18 at 11:20 am to Bayou Tiger
We contribute to our catholic parish weekly. Our largest contribution will likely be a portion of our remaining estate after death. Kids will get some but not even half.
Posted on 6/16/18 at 11:24 am to Bayou Tiger
I’m an a-hole and don’t donate anything outside of stuff to goodwill, RMEF, And Highway Patrol. About 100 bucks a year is about all I donate.
This post was edited on 6/16/18 at 11:32 am
Posted on 6/16/18 at 11:25 am to schexyoung
quote:
Our largest contribution will likely be a portion of our remaining estate after death. Kids will get some but not even half.
I’ve always found this kind of thing interesting. Why not make the donation when you are alive and well so you can see the fruit of your work?
Posted on 6/16/18 at 11:48 am to schexyoung
quote:
schexyoung
You better sit your son down and have that talk pretty soon. He thinks he's getting your entire $5,000,000 estate.
Posted on 6/16/18 at 11:50 am to Joshjrn
The other day I heard about this technique rich people use. They make a large charitable donations, say to LSU for $100,000, LSU takes out a life insurance policy for $100,000, they pay for the policy , but the donors family is the beneficiary.
The donor gets a huge tax write off, LSU gets the money now for just the small price of a insurance policy, and when the donor dies the family gets the money back.
Could this be true?
The donor gets a huge tax write off, LSU gets the money now for just the small price of a insurance policy, and when the donor dies the family gets the money back.
Could this be true?
Posted on 6/16/18 at 11:52 am to schexyoung
quote:
We contribute to our catholic parish weekly. Our largest contribution will likely be a portion of our remaining estate after death.
What a waste.
Posted on 6/16/18 at 11:58 am to schexyoung
quote:
Our largest contribution will likely be a portion of our remaining estate after death. Kids will get some but not even half.
You religious people are weird
Posted on 6/16/18 at 12:09 pm to schexyoung
quote:
We contribute to our catholic parish weekly. Our largest contribution will likely be a portion of our remaining estate after death. Kids will get some but not even half.
If you're going to waste your money, at least donate it to a worthy cause
Televangelist tells flock he needs a $54 million dollar jet
Posted on 6/16/18 at 12:14 pm to iknowmorethanyou
quote:Yeah he's even contemplating not saving for retirement
You better sit your son down and have that talk pretty soon. He thinks he's getting your entire $5,000,000 estate.
Posted on 6/16/18 at 12:18 pm to Bayou Tiger
quote:
What are some of your annual and lifetime charitable goals? What are your preferences to make sure your donated dollars get the most bang for the buck? And what strategies do you have to accomplish all of this while maximizing the tax benefits?
Age 34 or 35. No specific goal. A lot to St.Jude's, Make a wish, and local schools/charities. Quite a bit to private individuals in need. I review those on a case by case basis. No tax benefit, but I know it's being used for specific things.
Posted on 6/16/18 at 1:37 pm to schexyoung
quote:Man that sucks. Whatever floats your boat I guess though
We contribute to our catholic parish weekly. Our largest contribution will likely be a portion of our remaining estate after death. Kids will get some but not even half.
Posted on 6/16/18 at 2:20 pm to TigerTatorTots
Way more common than you think.
Posted on 6/16/18 at 2:21 pm to Rust Cohle
quote:
The other day I heard about this technique rich people use. They make a large charitable donations, say to LSU for $100,000, LSU takes out a life insurance policy for $100,000, they pay for the policy , but the donors family is the beneficiary.
The donor gets a huge tax write off, LSU gets the money now for just the small price of a insurance policy, and when the donor dies the family gets the money back.
Could this be true?
Sort of. It’s called a charitable lead trust.
Posted on 6/16/18 at 3:44 pm to schexyoung
quote:
We contribute to our catholic parish weekly. Our largest contribution will likely be a portion of our remaining estate after death. Kids will get some but not even half.
I don't know why you're getting downvoted. It's your money and you can do what you want with it. I personally think it's shitty to give so much to an organization over your own family members, but if you set out a goal to work hard in your career in order to support the church, then more power to you.
This post was edited on 6/16/18 at 3:44 pm
Posted on 6/16/18 at 7:08 pm to Bayou Tiger
I only donate to St. Jude but I'm probably close to the mark within a couple K. Apparently, I'm running behind.
Posted on 6/17/18 at 11:07 am to Golfer
There are several different ways to accomplish this type of gift...however, you may not be able to deduct the full $100k. believe me when I say there are plenty advisors in Baton Rouge or whatever City you live in that would be glad to help you structure your gift.
Posted on 6/17/18 at 11:14 am to jrobic4
Another way to accomplish a big gift, although it's sort of the same philosophy but in reverse, is to buy a life insurance policy that you name the charity as owner and beneficiary of. Any premiums you pay for the policy are then tax deductible.
Posted on 6/17/18 at 1:28 pm to Bayou Tiger
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