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The end of the year is a good time for charitable giving


Many Kent area residents are generous to local and national nonprofit organizations. Charitable giving can be an important part of estate planning as well. As 2016 draws to a close, charitable giving should be on the minds of many.

Charitable giving is often an integral part of estate planning. In addition, those who are looking for end-of-year tax advantages often look at charitable giving. Not just monetary donations are deductible. Clothing, household items, cars and other similar items can all be charitable donations.

If a person drives for a charitable organization, the mileage can also be deducted. Those who are over 70 can make tax free donations from their IRA. This can be a good option for many people as it lowers their annual income. It can also satisfy a person's minimum required distribution each year. Each individual can also give gifts of up to $14,000 each year as a gift tax exclusion. This can save a person estate taxes.

Charitable contributions are not only a good thing to help out a person's favorite charities, they can also be an integral part of an estate plan. A legal professional who is skilled in estate planning can help a family figure out how charitable giving helps their estate plan. They can also review a family's current estate plan and figure out if anything should be changed or updated. An estate plan can ensure a person's wishes are followed after their death.

Many Kent area residents support a charitable organization. Including charities in an estate plan, through a charitable trust or other distribution method can help make sure a person's legacy continues after they pass away.

Source: Chicagotribune.com, "Tax tips for charitable giving", John Hewitt, Dec. 12, 2016

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