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    Article

    Charitable giving

    May 23, 2019

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    By Mary-Benham Nygren and Christine SackettMasha Rabkin, Sarah Roscioli and Elena N. O'Leary

    There are numerous ways you can choose to benefit a charity. As you determine what charity you would like to benefit, here are a few options on how to achieve your charitable giving goals.
    There are numerous ways you can choose to benefit a charity. Writing a check. Donating an item in-kind. Making a bequest. Establishing a charitable entity. As you determine what charity or charities you would like to benefit, here are a few options as to how you might achieve your goals.

    Giving items in-kind

    Whether you are simply cleaning out a loved one’s house, your own closet or planning for an item of interest to you but not your loved ones, you have several options available.

    Donating a vehicle to charity
    Estate planning for your wine cellar
    Handling a woodworker’s tools and equipment after death
    What to do with unwanted household items

    Giving from retirement assets

    The IRS allows taxpayers to donate required IRA distributions to charity during their lifetime as well as to designate a charity as the beneficiary of the balance in an IRA upon the IRA owner’s death.

    Giving your required IRA distributions to charity

    Giving through an estate plan

    For generations, charities have benefited under the terms of estate plans. Some give an outright donation. Some establish a trust for the charity’s benefit.

    Specific bequest in a will or trust
    Charitable trust option for concentrated equity positions
    Valuation of interests in early termination of CRUT

    Giving through funds and foundations

    Charitable giving of vehicles can be an important financial tool for gift, estate and income tax planning.

    Donor advised funds and private foundations

    Charitable deductions

    Whether the decision to make a donation to a charity is out of the goodness of one’s heart or motivated by tax deduction, the donation must meet the IRS regulations to qualify for tax deduction purposes.

    Deducting your charitable donations
    Substantiating and reporting charitable contributions
    Deducting charity-related travel expenses
    Trusts And EstatesDomestic

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