Learn About Wills and Bequests
What are the benefits of making a bequest?
- You leave a lasting legacy to be remembered
- You lessen the burden of taxes on your family
- You may receive estate tax savings
Recently passed legislation allows donors, who do not itemize on their annual taxes but make a cash gift to charity, to now take a special tax deduction, up to $300 (per taxpayer unit), to reduce one's tax liability. The CARES ACT also increases the deduction limit up to 100% of a donor's annual income for cash gifts (previously the deduction was capped at 60% of annual income). So, if you make a charitable gift, you will be able to deduct more this year!
For additional information, please consult your tax advisor or financial planner.