Giving Series Part 2: One Time, Direct to Charity
The second part to our Giting Series discusses the idea of a One time, Direct Gift to Charity. The reasons for giving are varied, but we are blessed to help our clients give strategically so that our client’s gift can help establish and continue their legacy.
One-time, Direct Gifts to Charity: This has the dual effect of reducing your income taxes, and your estate for tax purposes. There is no limit on the amount you may give directly to charity. The IRS defines charity as an “exempt organization;” you may check the IRS website to confirm that an organization is exempt athttps://www.irs.gov/charities-non-profits/exempt-organizations-select-check. You may choose to gift real property, stock, or other business assets, which would allow the charitable organization to receive the entire value of the sale, and not incur any capital gains taxes.