An Advisor’s Story
Professional advisor Scott Kisselbaugh always knew the benefits of charitable giving as it relates to taxes. Advising his clients on how to save money on taxes while they fulfill their charitable giving plan was part of his services. And although Scott knew the benefits, he never took advantage of them, until now.
Through the Endow Kentucky tax credit, Scott’s charitable giving plan now includes a scholarship fund to honor a family friend. Here’s his story:
“My wife, Monica, and I decided to start an endowment fund with CKCF through the Endow Kentucky tax credit program because we were looking for a way to honor a family friend, PFC Sammie Phillips, who lost his life in the War on Terror. By establishing an endowed scholarship in his name, we are able to carry on his legacy forever.
“What is good about Endow Kentucky is not only does it honor Sammie and preserve his legacy, but the program is good all around. It’s good for the charity, it’s good for the donor, and it’s good for the community.
“There’s never been a better time for donors in Kentucky and I often advise clients to take advantage of the tax credit in their charitable giving. When they use the Endow Kentucky tax credit, a gift of $50,000 roughly can be cut in half after the credit and the federal charitable tax deduction are applied. By doing so, it not only benefits causes they care about, but it also stretches their charitable dollars allowing them to do more for organizations whose missions are important to them.
“And now I practice what I preach. I can now say Monica and I have established a fund through Endow Kentucky and we’re going to keep giving to it. It’s now part of our giving plan.”