December is a popular time for charities to make a year-end push for charitable donations to their organizations. December is typically considered a time when people feel more generous to those in need.
December is also typically the time of year when people realize there are tax advantages of which they could take advantage if they act now rather than waiting until the new year. Making charitable donations to recognized nonprofit organizations may be a great way to create a win-win for you and your favorite charity. You get tax benefits and your favorite charity gets money or assets to provide services to those in need.
Payments Made in 2011
If an individual’s goal is to make a donation in 2011, it is important to know it’s not too late. If a donation is made by U.S. mail, the date the donation is placed in the mailbox is the date of the donation. If a donation is made in person the donation is made upon delivery of the payment (regardless of when a check might actually be cashed). A donation made by credit card is considered to be made when the charge is made rather than when the debtor actually pays the credit card bill. .
Getting Legal Help
To learn more about the advantages of giving and how it can benefit your estate planning strategy, contact an experienced attorney. Estate Planning Attorney Elga Goodman can help you prepare an estate plan which protects your assets and your loved ones. Call us today at 973-841-5111.
Posted in: Estate Planning, New York Estate Planning