Know the Differences – Why All Charitable Contribution Deductions Are Not Equal

In “Know the Difference,” an article published in the May 2006 issue of Trusts & Estates, Avi Z. Kestenbaum, co-chair of Meltzer Lippe’s Trusts & Estates practice group, discusses why all charitable contribution deductions are not equal in the eyes of the law.

He writes: “Many tax and estate planning professionals are aware of the basic tax rules governing dedications for charitable contributions. They know the general distinctions between the limits on income tax deductions for contributions to private foundations, and for contributions to public charities. But the devil is in the details: many of these rules are intricate and complicated.  Also, advisors sometimes fail to adequately notice the differences between:

  • the income tax charitable contribution deductions for individuals and for trusts and estates, and
  • the income tax charitable contribution deductions and the gift  and estate tax charitable contribution deductions.

Understanding the fine print for all these deductions is essential for creating strategies for increasing tax savings.”

You can read the complete text of this article by clicking the PDF icon below.

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