Charitable Giving

Most of us give to one charity or another, whether it be because of a personal connection, a response to a specific event, or a spur of the moment donation. While this can be effective, did you know that having a plan for your charitable giving, particularly if you are donating large amounts, can also help with your tax and estate planning?

No matter the size of your estate, taxes can be a drain on your savings and investments. On an annual basis, making charitable contributions may help reduce the amount of tax you owe. For larger estates, making charitable donations can help reduce the size of your estate and the amount you will have to pay in estate taxes. Sometimes, this strategy may warrant substantial donations to charity over time. In order to reduce the administration of these donations and facilitate tax deductions, your wealth advisors can help you decide if a Donor Advised Fund might be a good fit.

As you can see, there are many options for how and when you donate. Our planning process can show you different scenarios and how they impact your overall wealth management picture. Over time, we work hand in hand with your estate attorney and tax professional to ensure all donations are according to plan and properly documented for tax purposes. 

Coordinating your charitable giving can help preserve your wealth while also making a difference for a cause you believe in. The following articles and videos offer some additional information about this topic. We invite you to read through them and call us to set up a complimentary introductory meeting.