Magazine article Black Enterprise

Give 'Til It Helps: The Branch Family Is Using Charitable Giving to Lower Its Tax Bill. (Tax Strategies)

Magazine article Black Enterprise

Give 'Til It Helps: The Branch Family Is Using Charitable Giving to Lower Its Tax Bill. (Tax Strategies)

Article excerpt

If you think you'll wind up 2002 with a hefty tax bill, you can plan to write a few checks to charities this December, which could save you hundreds of dollars. Even better, you can begin now to set up a sophisticated charitable-giving strategy that will be in place by yearend and last for years to come.

Darrel Branch and Ptosha Rockingham-Branch of Coral Springs, Florida, have decided to implement the latter strategy. "We're planning on setting up a private family foundation this year," says Rocki, as she is known. "We'll make a contribution to our foundation and get a tax deduction. Then we'll screen the candidates and approve scholarships for worthy and needy students. Both Darrel and I want to make contributions to the community, and we want to be involved in the process"

Tony Rogers, a financial planner at the LaSalle Financial Group, a retail firm of MetLife Insurance, in Coral Gables, Florida, who advises the couple, has been helping them establish their foundation. "You don't have to be an athlete or a celebrity to have a private foundation," he says. "Darrel and Rocki are both executives with major corporations, and they have substantial income. They're in their early 30s, so they probably will be earning high salaries for many years. In their situation, a private foundation may provide a great deal of tax relief"

If you're interested in setting up a private foundation, Rogers warns, be sure to work with an experienced tax attorney and accountant. …

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