Gift via wills, estates, and trusts are three of the most popular ways to help the Bethesda-Chevy Chase Rescue Squad with our life-saving mission. Donating to B-CC Rescue Squad in your estate plan not only provides financial benefits to the Squad, it may also provide tax benefits to your estate. All individuals who plan their estates should plan to make a charitable contribution in their final disposition, even if there are no tangible financial benefits for doing so. However, there are some specific advantages to making a donation in your will, estate or trust plan. The Internal Revenue code allows individuals and corporations as well as trusts and estates to take an income tax deduction for their charitable contributions. A deduction is afforded for the donations to charities of both cash and property, but the deduction can be no greater than the fair market value of the donated property.
There are many articles and reports explaining these complicated and cumbersome rules in detail. Here are some interesting facts that may help you with reference to estates and trusts:
- The trust and estate income tax charitable deduction is potentially unlimited while the deduction for individuals is capped;
- Only a trustee of a trust may elect to claim the deduction in the year prior to the year in which the donation is made, thereby accelerating the deduction. An individual may not claim a deduction in the year prior to when the donation was made, and;
- Estates are afforded a deduction for amounts permanently set aside for charitable purposes. Individuals (and generally trusts) receive a deduction only for amounts actually paid to charities We would encourage you to speak with your personal, estate or trust attorney, or financial planner to fully understand the benefits of contributing to Bethesda-Chevy Chase Rescue Squad via your will, estate, or trust.
We have a tax and estate attorney who will be happy to guide your own attorney or financial planner with donations to us via your will, estate, or trust. For more details on contributions of wills, estates, or trusts please contact email@example.com.