Advantageous Gift Ideas for Your Clients
Many Americans associate December with holiday gift-giving, so it is a great time for you to remind your clients of a valuable planning opportunity: year-end gifts. In making lifetime gifts, your clients will experience the pleasure of immediately benefitting their loved ones while helping to shape their legacies, for example, by funding a loved one's education or continuing a family tradition of charitable giving. A much larger proportion of your clients can benefit from year-end giving, as the doubled gift and estate tax exemption amount will sunset at the end of 2025, returning to $5 million adjusted for inflation in the absence of legislative action. The following are several advantageous ways for your clients to make year-end gifts.
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Help Your Clients Keep Their New Year's Resolutions
A new year is a great time to start fresh and implement positive changes that will enhance our lives. Many of your clients will make New Year's resolutions, and at least some resolutions will likely relate to improving their financial situation. As their trusted advisor, you can help clients keep their resolutions by working with them to implement financial plans aimed at achieving their goals.
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Different Types of Charitable Giving
The end of the year is a great time for your clients to think about making a charitable donation. Donations not only aptly express the generosity associated with the holiday season, but they help worthy organizations and provide your client with the opportunity to save on taxes by claiming a charitable deduction. Remind your clients that they can deduct charitable donations only if they itemize deductions on Schedule A of their IRS Form 1040 and that a deduction for a charitable contribution of noncash assets generally cannot be more than 20 to 50 percent of their adjusted gross income. Although contributions of cash or financial accounts are often the first type of donation that comes to mind, you can suggest other opportunities for giving that your clients may not have considered.
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MEREDITH | PC
4325 Windsor Centre Trail
Suite 400
Flower Mound Texas 75028
214-513-1013
This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
