Go Back

Year End Charitable Giving

As a follow-up to yesterday's post, we are including some additional year-end planning reminders relating to charitable giving.

It's that time of year again when you either donate your money to charity or turn it over to the government. To ensure your gifts are deductible in 2009, keep in mind the following general tax tips:

  • Timing of Gift. Your gifts must be made on or before December 31, 2009.
  • Type of Gift. Donations can be made in many forms, such as cash, stock, personal property, real estate, life insurance policies, or a Charitable Rollover of your IRA.
  • Vehicles for Gift. Gifts can go directly to a qualified charity or instead be made through the use of another planned giving vehicle, such as donor advised fund, charitable remainder trust or charitable lead trust.
  • Limitations on deductibility. Certain limitations may apply as to how much of gift may be tax deductible (depending on type and amount). Be sure you are going to get the deduction you expect to get.

    Coming tomorrow: Jeffrey Burr's update on the state of estate tax reform... stay tuned!

    -Attorney Jeremy Cooper and Attorney David M. Grant