When giving to a charity for tax purposes, your clients are not being Scrooges if they make sure they’re following the letter of the law. They want a donation to do good for the charity — and for themselves — by avoiding mistakes.
Charitable giving is discretionary spending. It is affected by both the economy and the income tax rates. Not surprisingly, charitable giving has been down in recent years, but this does not mean clients are less charitably inclined. Many just need to be pointed in the right direction. With the $5.12 million transfer tax exemption ending on December 31st and higher income tax rates looming for 2013, now is an excellent time to begin discussing charitable planning solutions.
"As a single mom, I wanted to make sure that I had done everything that I could to take care of my daughter if something happened to me. I didn't even know that I needed more than … Read More
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