This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/j6taJj39Oh4 What’s better than helping your favorite charity and reducing your tax bill? That’s exactly what charitable giving does—but only if you play by the rules and take advantage…
Watch “In The Legal Know” with Vincent J. Russo Vincent appeared on CFN Live on December 19th, 2024 to discuss“Maximize Year-End Giving with Charitable Donations” https://youtu.be/j6taJj39Oh4 Vincent J. Russo provides tips on charitable giving such as which gifts qualify for…
On October 17, Team Russo participated in the American Cancer Society’s Making Strides for Breast Cancer Walk. For this 28th Annual walk, we were back in person with close to 7,000 Participants and 1,017 Registered Teams! Overall, a total of…
Why should you contact the charity that you are planning to name as beneficiary?
People often wish to leave money to charities. This blog contains real-world scenarios in which individuals leave assets to charities:
Example #1: Tom has no children and no living relatives. His net worth is about 10 million dollars. Realizing his estate would be taxable, he wanted to strategically make a bequest to his alma mater, the church that he attends, and a hospital that he credits with saving his life.
He contacted his alma mater to inform them of his intentions. He signed a letter of intent specifying the dollar amount of the gift he intended to leave. As a result, the college named an endowment after him, with the funds to be used to create a scholarship.
He spoke with the pastor at his church about his intentions, and he was able to hear about the good work that the church will be able to do as a result of his gift.
You may leave money or assets to a non-profit organization by means of a charitable trust or will. People leave assets to all types of nonprofits like hospitals, animal shelters, religious organizations, etc.