Maximize the value of your bequests!
Do you know that your charitable contributions are deductible only if you itemize deductions on your income tax return Form 1040, Schedule A? To be deductible, charitable contributions must be made to qualified organizations. Remember, Payments to individuals are never deductible. There are many tax implications in making charitable contributions to organizations. You will need a professional to help you determine the proper accounting and tax treatment for your donation.
We have extensive experience working with many of our clients to fund their charitable endeavors in a manner that allows them to maximize their tax benefits and the value of their bequests. Among the issues we consider is the proper funding vehicle, whether it be through outright gifts, charitable trusts, private foundations or donor advised funds. We recognize that each of our clients has unique circumstances, and we develop the best and appropriate solution to meet their priorities and goals. We are familiar with charitable organization tax issues and have a significant practice dedicated to their specific needs.
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