Give us a call if you have questions about the income, estate, and gift tax ramifications of charitable giving or if you want to make charitable contributions a part of your estate plan.

A charitable contribution is a gratuitous transfer of property to charitable, religious, scientific, educational, or other specific organizations. If the recipient of the gift falls within categories designated by the Internal Revenue Code, a charitable deduction may be taken for income, gift, or estate tax purposes.

Charitable contributions have tax value, therefore, because they result in a current income tax deduction, may reduce estate taxes, and can be made free of the gift tax. From the charity's point of view, charitable contributions are also tax favored; the charity itself pays no tax upon the receipt of either a lifetime gift or a bequest and, generally, no income tax is paid by the qualified charity on income early by the charity on donated property.

If you have questions about the tax ramifications of charitable contributions, give us a call at 253.858.5434 to see how we can help!