For many people, the pursuit of wealth and money becomes a lifelong pursuit. A small number of people achieve riches they’d never thought possible during their lifetimes. When an individual amasses a small fortune, they often find themselves with a different mindset. Quite a few wealthy individuals decide to pursue various causes with a goal of helping other people out. Without a doubt, giving to charity in one way or another is a noble goal, but it’s one that comes with tax consequences as well.
Donating to Charity Happens in Many Scenarios
A given person can donate to charity in a myriad of ways. He or she can directly donate money to a given organization. On the other hand, an individual could start their own trust or foundation to help out multiple charitable organizations. Each of these solutions comes with a variety of benefits and disadvantages depending upon a donor’s ultimate goal. Millions of people across the globe can benefit from these donations, and it’s an amazing feeling to help so many individuals.
Each Path Comes with Tax Implications
Donating to charity comes with certain tax-related considerations that must be made. Charitable donations help a donor’s bottom line when it comes to paying taxes. Each solution for donating to charity comes with different tax implications, though. Without a doubt, each donor needs to be aware of these issues before proceeding. A Vernon Hills charitable giving attorney can guide each person through this process and help a donor avoid costly mistakes.
Maximize Both Charitable Donations and Tax Benefits
Working with a charitable giving attorney in Vernon Hills comes with various benefits. Individual donors can maximize the amount of money they give to other organizations while maximizing their own tax benefits. In the end, it’s still admirable to donate large sums of time, money, and effort to charity and non-profit organizations while reaping tax benefits. The more money an individual gives to charity each year, the more complicated the tax situation becomes.
For that reason, a Vernon Hills charitable giving attorney should be considered mandatory.
Orlowsky & Wilson, Ltd. is a law firm based in Chicago with a focus on business and estate planning legal matters. The firm specializes in guiding clients through the ins and outs of charitable giving, whether a client donates to organizations directly or runs a foundation.
