FOR IMMEDIATE RELEASE: 02/09/21
Your Taxes Should Reflect the Full Benefits of Planned Giving
To encourage philanthropy, the Internal Revenue Service and some state laws provide tax credits and deductions for certain charitable contributions. Those who are unsure if they have received the full benefits of planned giving for donations to charity, or those who would like to evaluate ways to maximize contributions for the organizations supported and their own wealth protection, West Virginia (WV) estate planning attorney Anna M. Price at Jenkins Fenstermaker, PLLC can help.
Charitable estate planning allows individuals and families who want to give to charity to include those contributions in a comprehensive strategy that maximizes the benefits for the organizations supported, the donor, and the donor’s heirs. These gift planning and wealth protection strategies include charitable trusts, charitable gift annuities, donor-advised or pooled income funds, and more.
Some of the financial vehicles used for charitable giving are complex and most are irrevocable. It is critical that those who wish to include charitable gifts in their estate plans seek counsel from an experienced estate planning attorney. Organizations—whose donors may expect or appreciate guidance on contributions—also benefit from the counsel of an attorney for charitable giving.
“Planning is key to maximizing the benefits of charitable giving,” says Price, who serves individuals and organizations in WV, Kentucky, and Ohio. “Since tax season necessitates a financial review of sorts, it can be an excellent starting point for planning for the year ahead and beyond.”
About Jenkins Fenstermaker, PLLC: Jenkins Fenstermaker, PLLC is a highly-respected law firm that has served clients for more than 90 years. The firm provides legal counsel and representation in business and commercial law; labor and employment matters; litigation; wills, trusts, and estates; and energy.