“Go-Green” by Recycling an Old Car!
Recycling an old car by donating it to charity has many advantages to the community. The taxpayer gets a valuable tax deduction on their itemized federal return. The scrap value of the car provides the charity with some much needed money to help fund their programs.
The community gets a gas guzzling, polluting car off the road. Here’s some advice to consider before just blindly handing over the title to your car. If you are dealing with a car donation center, ask them how much of the actual sale price the charity will receive.
The term “net sale price” or “net proceeds” means the actual sale price minus auction fees, selling fees, or other fees charged by the center. Always make a copy of your title. Know who you are giving your car to. You should either mail your title to the charity or hand it directly to the person towing your car after they give you a receipt. Never, just leave the title in the car! If you do, you may not get a receipt and therefore, will have no proof of your donation.
If you live in a state where you are required to remove the license plates, make sure you do! You won’t be able to cancel your car insurance until you have either transferred the plates to another car or returned them to the Department of Motor Vehicles. Make sure you keep all the correspondence between you and the charity.
If you don’t, when you go to do your taxes, you’ll find yourself calling around to the various charities to find out which one you donated your car to.
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How to Donate to Charity
Poor, needy, ill, starved children will unfortunately always exist. Fortunately, so will the charitable organizations. However, it is up to you to get involved in donating to charity events and to reduce the number of unfortunate ones. An easy way of offering your help for a cause is by doing you online shopping at websites that are giving back a portion of their sale to a good cause. Making a positive change in the lives of those who need the donation is possible as long as we care about them and we do our best to help. Nevertheless, those of you who have decided to make a charitable contribution must understand that charity is not limited to money only.
Save Money on Your Contributions
If you decide to donate to charity, you will be eligible for tax deduction, saving you tax money in the long run. However, you should decide on what cause is the most important to you. Most of the times, it will be an organization whose cause affects you a lot. Your contribution will help you better understand their goals. There are many donate to charity organizations out there for you to choose from. These include charitable organizations, social welfare organizations, labor and agricultural organizations, business leagues, social clubs, fraternal societies, veteran organizations, and political organizations.
Shopping for Charity
One information that you need to know when performing your online shopping for charity is how much of the sale price will become a donation to the cause; there are shops that give 100% of the money to those in need while others retain a certain percentage to cover for their operating costs. It is also important that when you donate to charity, the store you are dealing with is working alongside a reputable or legal organization. In fact, you should not continue with your purchase unless you can check on its background. If you wish to know more about them, do not hesitate to ask for written information. You may also have to watch out for similar-sounding names or false organizations. Definitely, your money does not go anywhere but to their pockets. You should refuse high-pressure appeals and do not send cash in the mail. Do not forget about your budget too when doing online shopping for charity or when you are doing donate to charity. Any amount of money you can afford is much appreciated by real charitable organizations.
When you are into online shopping charity, you may want to consider non-monetary donations, such as food, clothing, and other useful equipment or item. Also, keep in mind that even the smallest purchase matters. In online shopping charity, it is essential that you approve of the percentage of the sale price that goes to the cause. Lastly, know how the organization works. By understanding how it functions, you will be able to understand its cause, improve its strategic outlook, and perhaps share your knowledge with the members of the organization.
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Will Your Children Thank You?
Long-term, passive real estate investments are typically sought out by those looking to plan for their heirs. Normally, the principal owner is a sophisticated real estate investor who wants to simplify asset holdings for the future.
Moreover, beneficiaries may be better served by owning an asset that provides a steady income stream along with the benefits of owning real estate. But estate planning can be complicated, and the transfer of assets to an estate must be handled by a qualified professional who is familiar with state and federal tax laws.
“Those looking for safer assets for their beneficiaries should be cognizant of various factors,” says Benjamin Hanan, shareholder at Sarasota law firm Abel Band Chartered. “Using net leased investments as an estate planning tool can be highly beneficial to both the investor and their beneficiaries.”
Should a particular investor purchase and maintain their net leased investment until death, the investor’s estate will receive a step-up in basis to its fair market value as of the date of the investor’s death, thereby eliminating all of the deferred income tax on that investment. Thereafter, the investor’s beneficiaries receive the following benefits: a real estate investment; an income stream; and an asset in which they possess a relatively high basis such that if they sell the asset in the future, they can minimize the taxes paid in connection with a sale (or, if properly structured, such taxes can be deferred through a 1031 exchange).
However, the passive nature of the investment is always seen as a benefit to the heir(s). Typically, this ideology is taken because the beneficiaries are not as savvy as the investor and, therefore, the burden of management-intensive real estate is perceived as a secondary or tertiary option for the investor. When planning an investor’s estate, the net lease investment is typically seen as a sign of thoughtfulness and consideration for the benefit of future generations.
John Maceovsky, senior manager of Clearwater CPA firm Kirkland Russ Murphy & Tapp PA, has seen clients acquire large portfolios of real estate assets over a lifetime who are faced with the decision on how to pass on their success with minimal financial impact. Maceovsky stated that “utilizing net leased investments in conjunction with family limited partnerships and a suitable gifting strategy, an individual can transfer appreciated assets to the next generation.”
While net lease investments have been an option for decades, they have only been in the forefront of the investment community over the last dozen years. During that time, few have deemed it a viable asset class for estate planning advisors and professionals. By not only looking at the intrinsic real estate value of an asset or the creditworthiness of a tenant, individual investors are looking beyond their years in an effort mitigate as much effort as possible for their legatees.
