Due diligence required when taking charitable deductions
Abstract: It’s important to understand the tax implications of an estate plan that includes charitable contributions. The availability of income tax deductions for lifetime donations affects a contribution’s cost and, therefore, the amount one can afford to give without jeopardizing other estate planning goals. But, to ensure that contributions are deductible, it’s critical to monitor the tax-exempt status of the beneficiary organizations. This article discusses the steps involved.