When many people sit down to think about how they want to leave their property, of course they think of their family first. But many of us also want some of our legacy to go to causes or organizations we hold dear--a school, a church, a food bank, a group that advocates on behalf of people struggling with a particular illness, etc. Americans are a generous people, supporting millions of nonprofit organizations.
Our tax system is designed to support these generous impulses, granting donors tax benefits for giving. If you itemize deductions on your income tax return, you can simply deduct the value of gifts to tax-exempt charitable organizations. There are also more complex ways to give. Charitable annuity trusts, for example, are a popular way to donate to a charity and in return receive regular payments for life; both you and the charity benefit.
If you have questions about charitable giving as part of your estate plan, give us a call at 253.858.5434 to find out how we can help. We proudly serve clients throughout Washington and Idaho and are available to meet in person, by phone, or via Skype.