EIGHTH, charitable estate planning is a growing hot topic. Over the next few decades it has been stated that as much as 40 trillion dollars will be transferred from the parents of baby boomers to their children. Charitable giving will play an enormous role in this transfer of wealth. Although charitable giving provides many personal and tax benefits, it has a more fundamental benefit. It is voluntary giving and not involuntary giving that results from overpayment of taxes. With proper planning involuntary giving can be avoided. Individuals can give money from their estate to the charities they desire.
Many people during their lifetime engage in charitable giving activities. Gifts are made to cancer research, heart associations, educational institutions or well water projects. Many give to hospitals, churches or other religious institutions. Others have long term relationship with a charity and want to continue charitable giving upon their death. Some people have developed lifetime passions that become their legacy.
Let your giving be your decision and not a giving by default when you fail to plan and your family ends up paying more in taxes than necessary. Share your charitable giving news with us.
Many people during their lifetime engage in charitable giving activities. Gifts are made to cancer research, heart associations, educational institutions or well water projects. Many give to hospitals, churches or other religious institutions. Others have long term relationship with a charity and want to continue charitable giving upon their death. Some people have developed lifetime passions that become their legacy.
Let your giving be your decision and not a giving by default when you fail to plan and your family ends up paying more in taxes than necessary. Share your charitable giving news with us.
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