Case Study:

 

CHARITABLE GIVING

Mr. and Mrs. Strong own a family business and have accumulated significant wealth.  They want to leave some of their assets to their children and grandchildren, but also want to establish a legacy which will benefit medical research, homelessness, and religious organizations during their lifetimes and beyond.  They also wish to reduce their estate (for estate tax purposes) and because of their tax bracket, they are always interested in any available income tax benefits. 

Broadway helped the Strongs create a lasting financial legacy in the community by creating a "Private Foundation" in their name.  A Private foundation is a special type of IRS-approved trust.  The Foundation can last indefinitely and is subject to a very low tax rate (2%).  The Strongs will receive an immediate income tax deduction when they fund the foundation and their gift to the Foundation will reduce their estate tax significantly.  The Strong family will serve as the distribution committee of the Foundation and will determine which organizations will receive grants.  This responsibility can be passed down from generation to generation - creating a family legacy of charitable gifting.  

Broadway Bank runs the day-to-day operations of the Foundation.  We provide all investment and administrative services -- including creating a Foundation webpage on the broadwaybank.com website, creating a grant application and collection process, compliance monitoring, tax filing, grant disbursements, and providing overall advice and guidance to the family regarding the Foundation.  Essentially, we keep the foundation running smoothly and in strict compliance with IRS regulations.  We handle all of the details, so the family can focus on what matters most -- charitable giving.

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INVESTMENT PRODUCTS:
NOT FDIC INSURED • NOT A DEPOSIT
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
NOT BANK GUARANTEED • MAY LOSE VALUE

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1177 N. E. Loop 410, San Antonio, Texas 78209