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We’re getting closer to the most wonderful time of the year when many of us are caught up in the spirit of generosity. But it’s important that you don’t miss out on opportunities to be tax efficient with your charitable giving as part of your overall financial plan. It’s important to keep a few things in mind when it comes to your plans for charitable giving:
When to give – The timing of your donations can have an impact on your taxes as well as the taxes of your heirs and the charity or organization you’re supporting. Consider your cash flow needs, the purpose for giving, and any estate/legacy and tax planning considerations.
What to give – The type of assets you donate can also have a big financial effect. Cash is simple, but there are also potential benefits when donating appreciated securities, property, etc. Again, consider estate/legacy and tax planning advantages with any donations you’re planning to make.
How to give – There are different methods to consider, and it’s important that the giving method is in line with your overall strategy.
Here’s the bottom line. No matter what your goals are for charitable giving, you don’t want to write that donation check without a plan.
Chris Hobart is with Hobart Wealth in Charlotte and he’s a nationally recognized financial commentator, published author, and investment advisor…
