About Charles
Charles Joseph CAP®
Throughout a 40 career Charlie has helped both individual and nonprofit clients manage, preserve and grow their assets using a comprehensive approach to financial, philanthropic, and insurance planning.
Charlie has a client service philosophy that revolves around educating himself about his clients, building long term relationships and working with them to achieve their ultimate goals.
His financial career began at the John Hancock Life Insurance Company. After several years of selling life and disability insurance transitioned to First Albany Corporation have the capability to offer clients a full spectrum of financial products. In 1998, when First Albany was sold excepted a position at Paine Weber/UBS and in 2004, moved to Janney Montgomery Scott where he spent the next 19 years helping client with their financial and life insurance needs.
In October 22 Charlie retired from Janney and became an independent consultant in both philanthropic and life Insurance planning for High-Net-Worth Clients.
In addition to his industry experience, Charlie completed the Chartered Advisor in Philanthropy® (CAP) certification at the American College and the Wealth Management Certificate Program at The Wharton School of the University of Pennsylvania.
In addition, Charlie has served on the Board of Trustees of various nonprofit organizations.
When away from business, Charlie enjoys flyfishing, golf, hiking and spending time with family and friends. He and his wife Beth, an artist, have been happily married since 1974 and reside in Greenfield Center, NY.
Charitable Vehicles
Charitable Remainder Trusts
To benefit a charity while helping ensure your own financial future, consider a charitable remainder trust (CRT). CRTs, which have always offered benefits to individuals, could become very attractive. Since the appreciated assets that are transferred to a CRT are not taxed, the full value of these assets is available to provide an income to the donor. For a given term, the CRT pays an amount to you annually (some of which generally is taxable).
- When you fund the CRT, you receive an income tax deduction for the present value of the amount that will go to charity.
- The property is then removed from your estate.
A CRT is tax-exempt, it can sell the transferred assets without paying tax on the gain at the time of the sale. It will then invest the proceeds in a variety of stocks and bonds. Although capital gains taxes will be due when you receive CRT payments, but possibly only a portion of each payment will be attributable to capital gains; some may be considered tax-free return of principal.
Charitable Lead Trusts
A charitable lead trust is an irrevocable trust that makes payments to a charitable organization for a set period of time and then transfers the remaining funds to other beneficiaries, such as family members.
- For a given term, the CLT pays an amount to one or more charities.
- At the term’s end, the CLT’s remaining assets pass to one or more loved ones you name as remainder beneficiaries.
- When you fund the CLT, you make a taxable gift equal to the present value of the amount that will go to the remainder beneficiaries.
- The property is removed from your estate.
Donor Advised Fund
A donor-advised fund is a charitable investment account, administered by a third party, for the sole purpose of supporting charitable organizations. When you contribute cash, securities, or other assets to a donor-advised fund, you can take an immediate tax deduction in the year of the contribution. Then make grant recommendations, of all or part of the fund, to support to any eligible IRS-qualified public charity. While you’re deciding which charities to support, your donation can potentially grow, making available even more money for giving.
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