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Plan to give even after you're gone

March 7, 2013 - Rob Weaver
During a meeting at Mercy Tiffin Hospital this morning, the topic of planned giving came up. While it may be true the only things in life that are inevitable are death and taxes, it is possible to reduce -- maybe even eliminate -- the taxes due on your estate (that's stuff you own you leave behind) after you die.

Planned giving -- which encompasses such things as an insurance policy, charitable trust or bequest -- can be a significant part of a nonprofit group's revenue. For example, planned giving often accounts for 20 percent of the American Cancer Society's annual income.

While we're on the subject of percentages, gifts to federally recognized charities an lower the amount claimed by estate taxes. Although this may be new to you, it's not to charitable organizations; many are willing to help guide you through the process. For example, the cancer society offers information about planned giving at www.cancer.org/involved/donate/otherwaystogive/plannedgiving/index.

You can't take it with you. But estate taxes don't have to take as much of it from your survivors.

 
 

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