search

Preserve More Assets

There are a number of gift options that can offer significant estate tax and other savings, allowing you to leave more for your loved ones. First, you must understand that property transferred through your will can be subject to hefty estate taxes, sometimes reaching 50% or more. One way to reduce or eliminate the estate tax burden is through a charitable bequest, or a gift through your will. (Click here to learn more about charitable bequests.)

Charitable gift annuities and charitable trusts can also reduce the size of your estate, and thus the estate tax burden faced by your heirs. The more favorable options for preserving assets, however, are gifts from life insurance or retirement plans, such as an IRA or 401 (k) plan. These assets are frequently associated with higher tax rates and penalties. When you use them to fund a gift to the Rescue Mission, you receive a charitable deduction and remove them from the calculation of your estate, preserving less taxed assets for your heirs

Estate taxes are complicated, and the laws regarding them change frequently. To learn more about your potential liability or to find out which plan could work best for you, please call Woody Tausend at (510) 215-4889.