As you approach the end of the year, it is a good opportunity to review your existing estate planning documents and you should always do this by thinking about the best way to minimize taxes and maximize the amount of asset you pass on to others. Giving to charity is a worthwhile goal and one that many individuals often consider.

It is a great opportunity to schedule a meeting with your estate planning lawyer to talk through the various advantages of what the IRS code may offer you. Financial decisions are rarely made for tax purposes alone but being aware of what is available to you can enhance the overall effectiveness of your estate plan.

Tax considerations allow you to become a more intelligent philanthropist by giving in the most appropriate way. Cash is usually the focus of most individual and charities however, cash makes up very small concentration of wealth in this country. The majority of assets are held in personal and real property, investments, insurance, and retirement plans. It might make sense then to give property outside of cash to charities in order to solve personal financial goals and leave a legacy behind. Consulting with a knowledgeable attorney is extremely important because of the deduction limitations for property versus cash.

You need to have a clearly articulated plan, often one put together by an experienced estate planning lawyer to help you accomplish your goals as it relates to giving material to charity.

 

 

 

 

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