Among our clients with significant assets, charitable giving is frequently emphasized as one of their most important financial goals.
As part of your wealth management strategy, we can help you develop and achieve goals reflecting your philanthropic interests and integrate your charitable giving into your financial plan.
Charitable gifts may result in significant tax advantages
Your charitable contributions may result in substantial tax savings, as certain types of charitable gifts are not subject to estate or gift tax. In some cases, such gifts may also generate an income tax deduction. We can help you explore many ways to give to the causes that are important to you. In addition to outright gifts, it is possible to divide gifts between individuals and charities through certain types of trusts.
Establish a charitable remainder trust to benefit from income now
One alternative that offers dual benefits is the Charitable Remainder Trust.
By establishing such a trust, the grantor can, in some cases, enjoy a charitable deduction as well as receive a stream of payments based on a fixed dollar amount or a fixed percentage of the trust value. At the grantor's death, remaining trust assets are distributed to the charity or charities named as beneficiaries. Charitable lead trusts and certain other types of trusts may also be used as part of your gifting and estate plan.
A private foundation can establish a charitable legacy
A private foundation is a tax-exempt charitable organization that can be created during your lifetime or at your death.
Typically, an endowment is created and managed by the foundation, which makes charitable gifts from the endowment. Assets are contributed to the foundation which operates as a charitable fund, from which distributions are made to public charities in the form of grants. You have the option of serving as a trustee of the foundation, which allows you to have a voice in the recipients of distributions. Establishing a private foundation is an effective way to create a unique and long-term personal legacy.
Simplify your giving with The Fund for Charitable Giving
The Fund for Charitable Giving ("The Fund") is a tax-exempt public charity that maintains donor-advised sub-accounts and invests its assets in four investment pools.
Income is automatically reinvested and appreciation credited to your gift until it is distributed. You can choose the recipients for your gifts or select one of The Fund's four Fields of Interest--The Arts, Medical Research, The Environment or Human Services--to receive your donation. Donations can be made in your name or anonymously, and we handle all administrative details in the process, including tax documentation.
Contribute assets when it makes the most sense, gain an immediate tax deduction, avoid capital gains, and advise us later about the recipients of your gift. By providing the flexibility to spread your gifts over time, The Fund helps you "manage" your philanthropy, simplify your giving, and allows you to optimize the timing of your tax benefits while still maintaining a consistent level of support. You can also set up a memorial fund, a disaster relief fund, or other types of special-purpose funds.
Through PNC Wealth Management, you can work with professionals who specialize in developing and implementing philanthropic strategies as part of the planning process. PNC can help you make your charitable giving plans a reality.
Important Legal Disclosures and Information
The PNC Financial Services Group, Inc. (“PNC”) uses the marketing name PNC Wealth Management® to provide investment and wealth management, fiduciary services, FDIC-insured banking products and services, and lending of funds through its subsidiary, PNC Bank, National Association (“PNC Bank”), which is a Member FDIC, and to provide specific fiduciary and agency services through its subsidiary, PNC Delaware Trust Company or PNC Ohio Trust Company. Securities products, brokerage services, and managed account advisory services are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member of FINRA and SIPC. Insurance products may be provided through PNC Insurance Services, LLC, a licensed insurance agency affiliate of PNC, or through licensed insurance agencies that are not affiliated with PNC; in either case a licensed insurance affiliate may receive compensation if you choose to purchase insurance through these programs. A decision to purchase insurance will not affect the cost or availability of other products or services from PNC or its affiliates. PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC does not provide services in any jurisdiction in which it is not authorized to conduct business. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”). Investment management and related products and services provided to a “municipal entity” or “obligated person” regarding “proceeds of municipal securities” (as such terms are defined in the Act) will be provided by PNC Capital Advisors, LLC, a wholly-owned subsidiary of PNC Bank and SEC registered investment adviser.
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Important Information about Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we are required by Federal law to ask for your name, street address, date of birth (for natural persons) and other information as required to identify you. This may include a request or requests for confirmatory information such as presentation of your driver’s license and/or other document(s).
Investments: Not FDIC Insured. No Bank Guarantee. May Lose Value.
Insurance: Not FDIC Insured. No Bank or Federal Government Guarantee. Not a Deposit. May Lose Value.