Charitable Deduction

Charitabel estate planning can benefit you during your lifetime. Charitable deductions are not only available to your estate when you die but you can engage in charitable estate planning while you are living and take advantage of charitable deductions. The amount of the charitable deduction that you may be entitled to take in any one year is limited to a percentage of your adjusted gross income. The percentage is based upon the type of asset contributed and the type of charitable organizations to which your donation is made. Deduction for contributions of cash to public charities is limited to 50% of your adjusted gross income. Deduction for contributions of appreciated capital gain property (i.e. real estate and stock) to public charities is limited to 30% of your adjusted gross income. If your charity is a private foundation, deduction for contributions of cash is 30% and for appreciated capital gain property, the deduction is 20% of your adjusted gross income.

Your tax advisor can also work to help make sure you get the most out of your charitable estate planning. Start with a call to an estate planning attorney today!!