Year End Fast Approaching
December 31 seem far away? Not if you want to maximize your charitable support for AAMC. The year end is a good time to review tax law changes that may affect your wills, trusts, insurance and retirement plans. Take the opportunity to update beneficiaries, executors, and trustees. And be sure to examine contingent beneficiaries’ designations and settlement provisions as well.
You may want to consider shifting taxable estates to a planned gift vehicle. These assets may be used to create planned gifts that can be used to support AAMC and provide financial security and estate tax relief.
Gifts of appreciated stock or mutual funds can offer many tax advantages. However, if these assets have depreciated or cost basis has remained stable, consider selling the assets and donating the cash proceeds. Capital gains on highly appreciated assets are not realized when donated to a charity.
Consider bunching your charitable donations and itemize every other year. This allows for a standard exemption in one-year and two-years’ worth of charitable deductions alternate years. And remember, finish charitable contributions before December 31 to receive credit in 2006!
To learn more, contact Damon J. Bradley at 443-481-4738 or dbradley@ aahs.org
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