Tax planning and Charity
by Guest Blogger, 11/26/2003
Estate planners often raise the issue of charitable giving and the tax benefits of giving, for example see:
Crain's Detroit Business
Mulcahy said he believes that most lawyers include routine questions about charitable giving. "You never know what's on their mind, or what's going to motivate them."
He said that people commonly interested in such arrangements are those with no close family, or who have been touched by illnesses and have contributed to support groups for those illnesses.
Mulcahy said the bequests must reflect the family's wishes, "and that's part of each lawyer's job to suggest a vehicle to do this." Along with the humane side of charitable giving, there also are financial benefits, Mulcahy and Ferriby said.
"There are terrific tax savings through planned charitable giving, where the only true loser is the IRS, which ends up paying in large part," Mulcahy said.
