'Tis Always The Season for Charitable Giving by Michael Abramson

Mr. Abramson is a CPA/Attorney and Treasurer of B.E.A.C.H.E.S. Foundation

As we know, donations to qualified charities can be deductible on your individual tax return.

One of the newest qualified charities is our own B.E.A.C.H.E.S. Foundation. While we are considering our charitable responsibility and the reduction of our current income taxes, B.E.A.C.H.E.S. should be a priority for your donate intent.

By giving to B.E.A.C.H.E.S. you are helping the Foundation maintain and improve the use of public beaches and to promote and protect the legal integrity of clothing-optional public beaches and lands.

There are many ways to give to the B.E.A.C.H.E.S. Foundation. For example, you can give a cash contribution or a gift of appreciated publicly traded stock. If you own publicly traded stock with a fair market value greater than your original investment in the stock, you have an opportunity to save tax dollars and help the mission of the B.E.A.C.H.E.S. Foundation. By giving this stock to the B.E.A.C.H.E.S. Foundation your tax deduction is equal to the fair market value of the stock donated and you do not have a taxable gain on the disposition of your appreciated stock. B.E.A.C.H.E.S. Foundation will convert the security to cash after the gift, and since a tax on the gain is avoided, the Foundation receives the full value of your gift.

The Beaches Foundation should be considered when sending your Estate Plan. As with any plan, one wants to pass as much value to family members and avoid paying estate Tax. Charitable giving can be a part of your Estate Plan. Pursuant to your will, a bequest to charitable organizations will avoid estate tax. When you leave a bequest to the B.E.A.C.H.E.S. Foundation, your gift creates a lasting legacy for you and your family.

A bequest is simple and effective. It is a sentence in your will indicating how much you are leaving the B.E.A.C.H.E.S Foundation. Other options include naming B.E.A.C.H.E.S Foundation as a beneficiary of your individual retirement account or your life insurance policy.

Another planning option with charitable intent is a charitable remainder trust. Generally, appreciated assets are given to the trust which will convert those assets to income producing investments without a current tax cost. You will receive periodic payments of a fixed amount, or a fixed percentage of the value of the trust, for your lifetime. Upon your death the assets remaining in the trust will go to B.E.A.C.H.E.S.

You receive a current charitable deduction equal to the percentage value of the future gift, you receive a stream of income payments for life, and you benefit our charitable organization.

In some cases, the use of a charitable remainder trust, coupled with an irrevocable life insurance trust, can actually provide more annual cash to you and leave more wealth to your heirs. Your tax advisor can give you more detailed information on the use of a charitable remainder trust.

Our goal is to perpetuate the B.E.A.C.H.E.S. Foundation and its causes including the promotion of clothing-optional public beaches and lands. This can only be done through your generosity. We ask you to consider giving to our Foundation a current gift which will be Tax Deductible. In addition, consideration should be given to Estate Planing and including B.E.A.C.H.E.S as a Beneficiary of your Estate.