Wayne Martin:  

Afew years ago, Wayne and Linda Martin had a nice problem. A very good year in Wayne¿s engineering business was about to create an income tax liability for them. They turned to their trusted advisor and accountant, Marc Memoli, CPA* for help. Marc knew that there were several non-profit organizations that Wayne and Linda supported on a regular basis and suggested a charitable donation to reduce their impending tax bill. Marc possessed encyclopedic knowledge about the tax code and the many complicated charitable giving options. The information and choices were enough to make anyone¿s head spin. Sensing the need to simplify the options for his clients, he told them about donor advised funds in general, and the OppenheimerFunds Legacy Program in particular. The Legacy Program is a Section 501(c)(3) public charity which allows donors to make any size contributions, receive an immediate tax deduction, and recommend gifts to specific charities on their own timeframe. The program did not have any of the reporting complexities associated with private foundations. All these features appealed to Wayne and Linda. The prog...Expand for more