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Compass F inan ce SMART MONEY In a season of giving, we focus the radar on the tax implications of charitable giving and how you can best structure your estate. Zachary “Zak” Mann of Coastal Wealth offers a quick overview for every philanthropic budget. T E X T BY Z AC H A RY “ Z A K” M A N N IRA CHARITABLE ROLLOVER: Must be over age 70.5 at time of gift and cannot exceed $100,000 per tax year. Distribution not included in income; you don’t have to itemize (no deduction); counts toward current year Required Minimum Distribution. DONOR ADVISED FUND: Your donation to the fund is an irrevocable charitable donation credited to a charitable gift account from which you may recommend the timing and amount for grant distributions. 
 PRIVATE FAMILY FOUNDATION: A Private Family Foundation is usually part of a comprehensive giving strategy for high net worth donors. This structure allows you to make tax-deductible charitable contributions and retain significant control over the giving process, while providing an opportunity to start a multi-generational legacy of giving. 
 LIFE INSURANCE: The premium payments you make on
a life insurance policy owned by your favorite charity could result in your charitable gift becoming more valuable than an annual cash contribution of the same amount.
 OTHER OPTIONS: Additional common strategies include Charitable Gift Annuities, a Charitable Remainder Trust (CRT) or a Wealth Replacement Trust. Contact a trusted financial advisor for more details and information. ABOUT THE AUTHOR Zachary Coastal › Wealth who “Zak” strives Mann to help is a Financial Advisor their with financial his clients meet goals, estate strategies and insurance needs. He also advises on a full range of charitable planning options and strategies; 786.315.4704; MyCoastalWealth.com. 48