Charitable planning encompasses not only your philanthropic values, but also uses advanced estate planning techniques to guarantee that the charity gets the most out of the gifts you are giving.
Many individuals only consider what amount to give, and what charity to give to. However, it is important to also consider charitable gift tax strategies that are designed to reduce taxable income and estate taxes while facilitating charitable giving. This can include developing instructions regarding how to make the gift, and from which assets the gift should be drawn.
Understanding which assets are subject to certain taxes can help determine which of your assets make for the best, and most beneficial charitable gifts.
Commonly, individuals feel that giving to a charity will take away from their family’s inheritance in the end. However, charitable planning strategies are in place to ensure that your family will be well taken care of, while simultaneously enabling you to provide more to important charities.
Whether you’re already giving to a charity, or you want to start giving, understanding the concepts behind charitable planning will help ensure that your gift goes further.
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