• helping them make a maximum transfer of wealth to loved ones;
• perpetuating their own values through gifts to philanthropic causes of their choice;
• minimizing taxes.

This manual gives an overview of the giving options available through the Lubbock Area Foundation and how the Foundation can help your clients get the maximum benefits from their philanthropy.

Our goal is to help you help your clients.

The charitable income tax deduction rules described here are general rules which apply to individuals, not entities, and do not and are not intended to constitute legal or tax advice. Your clients should consult their own legal or tax advisor to determine how the rules will apply to their particular situation.

A WORD ABOUT THE CHARITABLE INCOME TAX DEDUCTION

The charitable income tax deduction which is allowed to an individual for any one tax year is limited to a percentage of the individual’s "contribution base" which is equal to the taxpayer’s adjusted gross income computed without regard to any net operating loss carry back. The percentage is determined by two factors:

• the type of organization to which the donation is made; and
• the type of property donated.

Any amount in excess of the percentage limitation for a particular tax year may be carried forward for a period of five years. For jointly filed returns, the percentage limitation depends on the couple’s aggregate contribution base.