Estates under $11.58 million ($23.16 million for married couples) are not subject to estate tax. So is charitable planning still important?

Estates that are under $11.58 million ($23.16 million for married couples) are not subject to the federal estate tax. So is charitable planning still important? The desire to help worthwhile causes remains the overriding motivation for making charitable bequests or funding lifetime gifts. Charitable gifts may still save taxes where donors leave charities items of income in respect of a decedent (IRD) (especially retirement accounts) or own property in states that levy inheritance taxes. Whether or not taxes are a concern, we always ask clients if they wish to include gifts to charity in their estate plans. Charitable remainder trusts and gift annuities can assist both charities and family members. Clients who can't itemize may find that lifetime remainder trusts or gift annuities allow them to exceed the standard deduction while retaining payments for life from their gifts. Many donors find satisfaction in continuing their support for their favorite charities.

If you have questions about including charitable giving as part of your estate plan, please give us a call at 253.858.5434 to set up an appointment. We represent clients throughout Washington and Idaho.