December 2006 Issue
Plan for the Futute
Ask the Experts
Q: What would cause a person to pursue a charitable gift annuity or other planned gift, when there are so many commercial options also available to them?
|A: "First of all, there must be some degree of charitable intent towards the particular charity," says Marc C. Littlecott, director of planned giving for the SWONEKY division of The Salvation Army. "People who 'shop' planned gifts are wasting their time. Given that, the government has written many incentives into the tax code to encourage people to elect to fund what we call 'split-interest' gifts to charity. Typically, when a person has a stock, real estate or CD that is producing income at or under 8 percent, and/or is facing a possible tax if they sell it, give it to their kids or reinvest it, it would behoove them to investigate using a charitable planned gift to achieve their goals."
Q: What help does your organization offer to people who are in the process of planning their estate or retirement options?
|A: "Lutheran Social Services of Central Ohio is committed to serving our clients through all stages of life," says Thomas Barry, JD, vice president of philanthropic development and communications, Lutheran Social Services of Central Ohio. "Our staff is available to discuss estate planning and life income goals. Giving vehicles such as charitable gift annuities provides steady income as well as substantial tax savings. Through regular seminars and our Web site - www.lssplannedgift.org - we inform the public of the latest financial updates and changes in tax laws. As seniors transition from owning their own home into one of our senior living facilities, we provide quarterly seminars featuring industry specialists who present valuable information on downsizing and other retirement topics."