<img height="1" width="1" style="display:none;" alt="" src="https://px.ads.linkedin.com/collect/?pid=938154&amp;fmt=gif">

Estate Planning: Strategic Charitable Giving

As you are estate planning, it is important to consider the tax implications and strategies related to charitable contributions. When you donate to charity during your lifetime, you're able to reduce your taxable income by making itemized deductions for these contributions.

(Download Video Transcript)

If you plan to continue philanthropy after death, it is important to consider the tax treatment of assets donated to charity. Just because you leave assets with the intention of donating to charity, the trust or estate may not automatically qualify for a charitable deduction.

The IRS has requirements for trusts and estates that must be met for the entities to qualify for charitable deductions. Be sure to keep these requirements in mind as you are drafting your trust and estate planning documents.

Donating assets to charity can have more favorable tax implications because trusts/estates do not have an adjusted gross income limit on deductions like individuals do. Utilizing a donor-advised fund or a charitable trust can provide immediate tax deductions while also reducing the gross estate value.

Keep the following in mind to make the most of your charitable giving:

Stick to the Rules

Ensuring your gifts get the tax breaks they deserve.

Unlock More Benefits

Find extra perks in giving through trusts or estates.

Use It or Lose It

Remember, excess contributions can’t be carried forward.

Strategize Your Giving

Choose smart ways like donor funds to maximize impact.

Plan with Purpose

Tailor your giving, whether new or in your legacy, for the biggest impact.

Charitable giving, whether personally or through trusts and estates, can have significant tax implications. To learn more, please contact Richard Kollauf, a Principal at SVA Certified Public Accountants.

Request More Information

© 2023 SVA Certified Public Accountants

Share this post:

Biz Tip Topic Expert: Richard Kollauf - JD, CPA, CFP, AEP

Richard Kollauf - JD, CPA, CFP, AEP

Richard is a Principal for SVA Certified Public Accountants and has more than 35 years of experience working in financial, accounting, and legal operations. Richard’s expertise in the multi-faceted financial environment includes business succession planning, tax, investments, finance, mergers and acquisitions, estate planning, and trust administration. He also has experience in estate planning and distribution for complex operational and investment multi-state businesses. Richard provides income tax consulting services to closely-held and family-owned businesses, as well as high net worth individuals.

Awards and Affiliations

AT-Regional Leaders-Logo-white-2024


Madison, WI
1221 John Q Hammons Dr, Suite 100
Madison, WI 53717
(608) 831-8181

Milwaukee, WI
18650 W. Corporate Drive, Suite 200
Brookfield, WI 53045
(262) 641-6888

Colorado Springs, CO
1880 Office Club Pointe, Suite 128
Colorado Springs, CO 80920
(719) 413-5551

SVA BBB Business Review Man Standing


(888) 574-4782

Are you in the know on the latest business trends, tips, strategies, and tax implications? SVA’s Biz Tips are quick reads on timely information sent to you as soon as they are published.

Connect With Us

Copyright © 2024 SVA Certified Public Accountants | Privacy Policy | Cookie Policy | CCPA