The ABE Charitable Gift Fund
Charitable Giving for Lawyers by Lawyers
In addition to giving back to the legal profession through the unique charitable giving feature in all of the ABE-sponsored insurance plans, the American Bar Endowment makes it easy for ABA members to support the charities they care about most through the ABE Charitable Gift Fund (CGF). Created by attorneys for attorneys, the ABE Charitable Gift Fund offers excellent tax advantages for lawyers, including:
- Federal income tax deductions up to 60 percent of your adjusted gross income for cash gifts and up to 30 percent of your adjusted gross income for non-cash gifts.
- No capital gains taxes
- An immediate charitable tax deduction up to the current market value of the donation
In addition, an ABE Charitable Gift account is not subject to excise taxes on its investment income. When you open an ABE Charitable Gift account, you enjoy virtually no paperwork and few of the burdensome expenses associated establishing and managing private non-operating foundations.
This tax benefit generally is available to those who itemize and may be subject to other limitations depending on your specific circumstances. Please consult your tax advisor for additional information.
An Easy, Beneficial Way to Create a Legacy of Giving
The ABE Charitable Gift Fund (CGF) meets these goals, offering simplicity, convenience, tax advantages and an easy way to build a legacy of giving.
The ABE CGF offers two types of Charitable Gift Accounts: Donor Advised and Specific Donee Accounts. You can establish an ABE Charitable Gift Account by mail or by phone, in less than half an hour, with an initial gift of at least $5,000 in cash, bonds, mutual fund shares, or publicly traded securities.
With a Donor Advised Account, you recommend charitable organizations to support at your convenience, and the ABE handles the paperwork. Donors receive quarterly statements, have the convenience of checking their accounts online and recommending grants from ABE’s website, as well as changing certain options on these accounts.
The ABE CGF offers unsurpassed tax advantages for attorneys, including no capital gains tax on donations of appreciated securities and tax-free fund growth.
Building a Legacy of Giving
The ABE CGF allows you to create a lasting philanthropic legacy without the burden of establishing a private foundation. From tax advantages to naming successors, the fund’s many benefits can last throughout your lifetime and beyond.
- Enjoy immediate tax advantages and extended charitable giving: You will be eligible for the immediate tax benefits of a large contribution while establishing the basis for a long-term giving strategy. You recommend grants when you are ready, not when the tax calendar dictates. You can plan your giving over many years and modify your strategy in accordance with the account’s investment performance.
- Invest to meet your charitable goals: The ABE Charitable Gift account that you create may accrue investment returns, so additional money may be available for your favorite charities. Investment management of your donation is handled by Northern Trust Corporation, one of the leading investment houses in the world.
- Involve your family: The ABE’s CGF allows family members in different cities to benefit local charities from the same account. And you can give relatives independence in recommending grants by formally making them advisors.
- Name successors: You determine how the account you create will be advised beyond your lifetime by naming successors. If no successors survive you, you may recommend one or two charitable organizations to receive the balance of the account.
Learn more about the ABE Charitable Gift Fund:
HOW THE ABE CHARITABLE GIFT FUND WORKS
MANAGE YOUR CHARITABLE GIFT FUND ACCOUNT
Secure online access allows you to view all the details of your ABE Charitable Gift Account including donation details, submit grant recommendations, review grant history, grant status, account balance(s), new giving opportunities and receive impact reports and updates directly from grant recipients.
ADDITIONAL CHARITABLE GIFT FUND INFORMATION
For information regarding the ABE Charitable Gift Fund, contact Joanne Martin at JMartin@abenet.org or (312) 988-6408.
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