If you have the means and opportunity, few things feel better than giving to charity. However, you can’t give constantly without careful estate planning. You not only risk the danger of giving away more than you can afford to, but you also lose out on opportunities for donating even more if you don’t take care to grow your income now. Stretch your charitable giving with careful planning.
See a Tax Advisor
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Donate Property, Not Cash
When you donate property instead of cash, you save money and potentially give the charity more cash in the long run. If you sell the property yourself and then turned around and gave the proceeds to the charity, you first have to pay taxes on that amount you sold it for. When you donate the property itself, you’re able to deduct the full value the property could be sold for, regardless of what the charity does with the gift, which frees up more of your cash.
Give more to charity and make your charitable deductions go further with careful planning. Rely on the experts to make the most of your investments and income.