Revocable vs. Irrevocable Gifts
The IRS creates important tax incentives to encourage support for charitable organizations like the Limb Preservation Foundation. To qualify for a tax benefit, a gift typically must be irrevocable. Stated differently, a gift must be complete and not one that a donor could ‘reclaim’ in any way.
An irrevocable gift only should be made after proper reflection and consultation with your legal and financial advisors. However, with appropriate planning, such gifts can provide important income and tax benefits for you and your heirs.
Examples of irrevocable gifts include Charitable Remainder Trusts, Charitable Lead Trusts and Retained Life Estates