Newspaper Page Text
Financial
Focus
Reported by Sonny Doehring
Everyone can win with charitable gifts
THE ISLANDER, DECEMBER 8, 2008, PAGE 3
Business Upda
Brunswick Mayor and his wife lend helping hand
When you give a gift to a charitable
group, you are rewarded by the knowl
edge that you’re helping an organiza
tion whose work you support. But you
can also get a “bonus” from your gift
— in the form of tax benefits.
Specifically, your donations to chari
ties that have received 501(c)(3) tax-
exempt status are usually tax deduct
ible, assuming you itemize your tax
return. And as long as your total contri
butions for any one year are 50 percent
or less of your adjusted gross income,
there’s no limit on the deductions you
can take for your gifts to public chari
ties.
Furthermore, your contributions
may entitle you to more than just a
tax deduction in the year in which you
make your gift. If you decide to donate
shares of stock, a piece of real estate
or another asset that has increased in
value since you purchased it, you can
avoid the capital gains taxes that will
be due on the asset when it’s sold.
Clearly, your charitable giving can
provide you with some significant tax
benefits. But if you’re interested in
going even deeper into the world of
charitable gifts, you’ll find that they
can play a role in some of your long
term financial strategies, as well.
Consider, for instance, how you
might use a charitable remainder
trust. You’d start by donating an asset
— such as appreciated stocks, bonds
or real estate — to the trust, which is
managed by a trustee.
DNR hearing set for
Frederica River property
The Coastal Marshlands Protec
tion Committee and the Georgia
Department of Natural Resources
have received a request from Stew
art Atlantic Properties, LLC for a
Coastal Marshlands Protection Act
(CMPA) permit under Official Code
of Georgia (O.C.G.A.) 12-5-280 et
seq., to construct and maintain two
marina facilities located on the Fred
erica River, St. Simons Island (the
former Sea Island Yacht Club prop
erty).
A hearing is scheduled for Thurs
day, Dec. 18, 9:30 a.m. at Coastal
Georgia Center, 305 Fahm Street,
Savannah, GA 31401. For directions
call 912-651-2005.
The applicant is proposing to
remove three existing dock facilities
and numerous associated pilings,
and retain one covered fixed pier
currently located on the site. The
proposed development will consist of
110 condominium units and a 100-
room luxury hotel. The applicant
proposes to provide two separate
marina facilities, one to service the
permanent condominium residents
and one to service the hotel com
plex.
The Altamaha Riverkeeper and
Coastkeeper have stated opposition
to the project. □
The trustee, in turn, could sell the
asset (relieving you of immediate capi
tal gains liabilities), reinvest the pro
ceeds and then make regular pay
ments to you or another beneficiary
you named when you established the
trust.
So you could set up the trust to
provide yourself, or one or more fam
ily members, with an income stream
for life or for a designated number of
years.
After the lifetime of the last sur
viving beneficiary, or at the end of
the specified term, the trust would
end, and any remaining assets would
then be distributed to the charity you’d
named.
Setting up a charitable remainder
trust is not as easy as filling out a few
forms; to do it correctly, you’ll need to
work with your legal and tax advisors.
And once you establish such a trust,
you’ll find it can have considerable
impact on some of the decisions affect
ing your retirement income.
For example, if you could count on
an income stream from a charitable
remainder trust, you might be able
to withdraw less money each year
from your investments and retirement
accounts, such as your 401(k) and IRA,
to meet your income needs in retire
ment.
In fact, if you were to receive this
trust-generated income, it might even
affect the type of investments you
need to make before retirement, pos
sibly changing the balance somewhat
between “growth” and “income.”
In any case, consider being as gener
ous as you can afford in your support of
worthwhile charitable organizations.
But if you incorporate your charitable
giving into your long-term investment
picture, you’ll need to make the right
moves — so prepare carefully. “I
Last week when Mayor Bryan
Thompson and his wife Heather Heath
found out that the Altama Elementary
School needy family food drive came
up 207 items short of its goal, Bryan
and Heather decided to use part of
their Christmas funds to make up the
difference.
Their food gift helped break last
year's donation record and meet this
year's goal of 827 non-perishable food
items.
The school's student council spon
sored the drive and updated students
each morning with a current count.
The food donations are going to the
Salvation Army and America's Second
Harvest.
Altama principal Dr. Juliann Rogers
and student council advisor Dr. Regina
Johnson were on hand to help unload
the food. “I
Mayor Thompson and student council member Jalen Trimmings unload
the goods.
PADGETT
T M I 5 W *, L L »■£
John A.
Terris, Sr.
Accredited Tax Preparer
Personal & Business Taxes
Specialists in Sole Proprietorship & Corporations
Business Management
Monthly Accounting & Bookkeeping
912-262-0329
email: jaterris@comcast.net
3365 Cypress Mill Rd. • Brunswick
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