Standard Deduction Versus Itemized Deduction: Which Makes Sense For You?
Written by: Dana Brewer, CFP®
In 2017, congress passed the Tax Cuts and Jobs Act (TCJA), nearly doubling the standard deduction....
Read MoreThe desire to help others is at the heart of our firm. If charitable giving resonates with you, we want to help you create a gifting strategy that accomplishes your goals, works with your financial plan and encompasses tax and legacy strategies so that your gifting is done in the most optimal way.
If charitable giving has been important to you during your life, we encourage you to consider having it part of your legacy plan. When you work with Birchwood Financial Partners, we listen closely to your wishes and help you create a flexible giving plan that you can change as needed over your lifetime.
One of the many things that you may think about as you near a transition to retirement or are retired, is how your charitable giving may change. Below are a few common questions or scenarios we see as financial planners:
Your charitable giving may change focus from money to more time
You may feel like you have fewer financial resources to give
You may want to make sure your charitable giving continues beyond your lifetime
Your tax situation may change so your contributions are no longer deductible
They say it's better to give than to receive. When it comes to gifting money, you likely want to make sure your assets go to the people and causes you love. Whether you're legacy planning or just looking to spread some goodwill, here are some strategies for creating a tax-savvy gifting plan:
Developing a Personal Philanthropic Plan can help you create more impact with your giving and can also give you more joy in seeing the fruits of your efforts and dollars. Getting clear about your goals and intentions will help you on your philanthropic journey.
Our Charitable Giving Workshop discusses how to design your philanthropic legacy based on your values and budget.
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