When it comes to goal setting for the New Year, effective giving is one way to feel richer, according to MoneySense. As such, philanthropic advisor Malcolm Burrows suggests outlining a vision statement for what one would like to accomplish. Whether simple or complex, people need a way of defining their passions, and giving to charities that are a reflection of one’s personal experiences is more meaningful.
The first step to creating a charitable giving plan is to decide which charity you’d like to donate to, and for how long. Second, it’s important to decide how and when donations will be made. For instance, small organizations may not have the infrastructure needed to accommodate bank transfer donations, while larger organizations most likely will. In either case, it’s wise to work within the preferences of the charity in order for a donation to be of the greatest help. In the case of a large donation, it is usually better to gift highly appreciated assets as opposed to cash. The goal here is to avoid having to pay taxes on capital gains. Even so, there are other methods that allow individuals to make larger donations at certain times, such as a period of time when income is higher. Given this scenario, donors have a greater tax benefit.
Charitable giving requires assessing the impact of a donation and whether it will provide the tax deductions needed and expected. It’s a delicate balance of giving within the scope of one’s finances, while fulfilling the unique giving desires of a donor.
Sophisticated Asset-Protection and Tax Planning Techniques
Under the umbrella of estate planning services at Turner Law, individuals throughout the Atlanta-metro area turn to Attorney Robert Turner for competent handling of their charitable giving. If you have questions regarding charitable giving, or if you need sophisticated legal counsel regarding asset-protection and tax planning for both you and your charity call Turner Law in Decatur today!
Posted on behalf of Turner Law, LLC