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As detailed on Select Portfolio Management’s website, there are ways on how to donate for charity which could also be beneficial to donors.
• Outright gift. In this form, the donation is only for the charity’s benefit. According to financial experts such as Anthony Amaradio, this should be paid–either in money or property–before the tax year ends for income tax purposes.
• Split interest gift. The donation is split between a charity and a non-charitable beneficiary, where a party makes use of the donation for a certain period.
|Tony Amaradio Photo Credit: Askmen.com|
• Private foundation. A private foundation is established by a donor with sufficient resources. The donors and their families have full control on which charities receive the donations.
• Community foundation. Similar to a private foundation, a community foundation (or a public charity) is controlled by members of the community. Its events and activities are usually focused within a specific area.
|Tony Amaradio Photo Credit: Cbc.ca|
More information on Anthony Amaradio and the concept of charitable giving can be found at www.selectportfolio.com.