Charitable Giving

Doumar Insurance & Financial Services, Inc. can help you design a charitable giving plan that is the most thoughtful way to support your favorite charity and we can tailor your gift to provide a legacy for you and the charity of your choice.

Bequests – One of the most frequently used giving opportunities is with a bequest through a will or trust. It allows you to make a substantial gift to the charity of your choice without taking any current assets from you the donor. The gift is tax deductible for Federal estate tax purposes and can greatly reduce or eliminate your Federal estate tax requirements.

Life Insurance – A gift of life insurance is a great way to support your favorite charity at a nominal cost. There are several scenarios that would benefit both younger and older donors, which may also provide substantial tax benefits.

Charitable Remainder Trust – This gift benefits the donor now, it provides income to the donor or named beneficiaries during their lifetime. After death, the trust assets are transferred to the charity.

Charitable Gift Annuity – This gift provides a simple contractual agreement between the donor and charity. The annuity provides a fixed payment each year for the life of the beneficiary. The annuity offers quite a few tax benefits for the donor.

Charitable Lead Trusts – This opportunity allows the donor to contribute assets to a trust for a specific period of time. With this type gift, the charity would receive income from the trust as a gift. The assets are returned to the donor when the trust terminates. It reduces Federal estate taxes when transferring property to heirs.

Retirement Plans and IRA Designations – Considering this option can greatly reduce income and estate taxes for your heirs. Tax burdens can be as high as 70% of the total fund unless you consider naming a charitable remainder trust as one of the beneficiaries of the assets.