It's the "Season of Giving," and we are nearing the end of the tax year. You may be thinking about giving Christmas gifts to friends and family, but have you considered giving financial gifts to charitable organizations?
Charities There are many wonderful charities that provide valuable service to the community--the Maui Food Bank, for example. You can find a detailed list at the National Center for Charitable Statistics (just Google "Public Charities Maui"). Many of these charities depend solely on the charitable gifts from the community for their entire annual budget. In addition to these, there are other organizations, such as churches, which also impact our community and need your support.
Charitable Giving It's important to know that our government still allows you to deduct gifts to a charitable organization. Many people will want to consult their accountant regarding their gifts of charity, because there are some parameters to consider. You will also want to check the status and financial fidelity of the organization as well. (If you don't have a good CPA, call Barbara Querry here at the Sage Pacific Alliance.)
Charitable Planning Some people (usually those who have lived charitable lives) want to plan for giving beyond the grave. Yes, you can actually do that! This kind of planning usually involves more complex strategies, such as special types of charitable trusts. This long-range planning requires coordination with your CPA, a special estate planning attorney (such as Roya Deyhim and Scott Makuakane with Est8Planning Counsel LLLC) and your financial planner (like Don Mehling, also associated with Sage Pacific Alliance). There are significant taxable advantages to this kind of planning and certain strategies allow for wealth to remain in the control of the family and heirs. (To learn more, come to one of the Estate Planning Seminars hosted regularly at Sage Pacific Alliance in Kihei.)
Being Charitable Our English word "charity," comes from the French word "charite," with Latin origins ("caritas"), meaning "benevolence for the poor." "Charity" was often used to translate the Greek word (agape) or "limitless love." It's original meaning spoke of something that was dearly valued. Still today, love is at the "heart" of charitable giving.
Lucky we live Hawai'i, where we demonstrate aloha throughout the year.
For true comprehensive planning, contact the Sage Pacific Alliance at (808) 856-8138. Our team is here to help you with all your financial planning needs. Visit us on the Web at www.sagepacificalliance.com.