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Charitable Tricks and How to Avoid Tax Traps When Donating

 

Fully understand the rules and guidelines you should know when donating to a charitable organization.

Many financial and estate planning clients are charitably motivated, and the tax laws in the United States are structured to incentivize charitable contributions through charitable deductions for income, estate, and gift tax. Yet, the rules relating to charitable deductions are some of the most complicated provisions in the Internal Revenue Code. Few professionals in this arena fully appreciate the significant restrictions on donating to charitable organizations. If a charitable donation is structured incorrectly, a taxpayer may not only be denied an income tax deduction but may be required to pay gift tax on the amount contributed. Moreover, in a number of situations, the taxpayer could be exposed to a 200% excise tax on transactions involving private foundations, charitable remainder trusts, and charitable lead trusts. Recently, the tax benefit from a perfect charitable donation has been diminished on account of the high standard deductions which individual taxpayers may enjoy. For that and other reasons, donations made by a nongrantor trust may be preferable to contributions by individuals, yet most clients are not advised to take advantage of that structure. This topic will go through some fundamentals and fine points of charitable giving. It is certain you will learn new techniques intended to maximize the benefits of charitable contributions. You will also take away some key tips to prevent you and your clients from suffering the consequences of incorrectly structured or reported donations. This information will have an important impact on your practice, and help you to further the charitable goals of your clients.

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Charitable Tricks and How to Avoid Tax Traps When Donating

Agenda

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Charitable Tricks and How to Avoid Tax Traps When Donating

Faculty

Jonathan G. Blattmachr

Jonathan G. Blattmachr

InterActive Legal

  • Principal at InterActive Legal
  • More than 45 years of experience in trusts and estates law
  • Former partner in Milbank (formerly, Milbank Tweed Hadley & McCloy) in New York
  • Admitted to the bars in New York, California, and Alaska
  • Wrote or co-wrote nine books and more than 500 articles on estate planning topics
  • Writes and lectures extensively on estate and income tax planning, as well as charitable giving
  • Editor of Wealth Transfer Planning and founder of InterActive Legal - www.interactivelegal.com
Vanessa L. Kanaga

Vanessa L. Kanaga

InterActive Legal

  • President and director of content development at InterActive Legal
  • Former associate at Milbank Tweed Hadley & McCloy LLP and Moses & Singer LLP in New York, and Hinkle Law Firm LLC in Wichita, KS
  • Licensed in New York and Kansas
  • J.D. degree, Cornell Law School; B.A. degree, Wichita State University; Advanced professional certificate from NYU School of Law
  • Can be contacted at [email protected]
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Charitable Tricks and How to Avoid Tax Traps When Donating

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