Dec. 6, 2022
With the end of the year fast approaching, it is important to plan for tax savings. Charitable giving can be a great way to save on taxes and make a difference in the lives of others. Not only does charitable giving provide you with a tax deduction, but it also provides you with an opportunity to give back and support your local community.
When it comes to charitable giving, there are several options available. For example, you can donate directly to a charity or create an endowment fund that will continue to support the cause even after you’re gone. You can also donate appreciated securities, real estate, and other assets. Whatever your choice, be sure to consult with your tax professional or financial advisor before making any decisions.
In addition to charitable giving, there are other year-end estate planning strategies that can help you save on taxes. This could include transferring assets between family members, creating a trust, or setting up an irrevocable life insurance trust. Your financial advisor or tax professional can help you determine which strategies are right for your situation.
With careful planning and thoughtful conversations, charitable giving and other year-end estate planning strategies can help you save on taxes and ensure the financial well-being of your loved ones.
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Click here to Schedule a FREE Virtual Estate Planning Session. We will guide you through the entire process and help you understand what needs to be done to ensure your loved ones are taken care of.
Cheer the good stuff. When you notice your child doing something helpful or nice, let them know how you feel. It's a great way to reinforce good behavior so they're more likely to keep doing it.