Charitable Deduction

Charitable Deduction

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Charitable Deduction

Charitable Deduction definition:  The charitable deduction allows property to be transferred to an IRS-approved charity through a will or gift without being subject to gift or estate taxes. Lifetime gifts are deductible on income tax returns; the annual deduction is limited and can be carried forward for a number of years.  Bequeathed gifts are deductible on estate tax returns and unlimited.  The charitable donation must be mentioned in the will in order to be deductible. The donation is not deductible from estate taxes if not mentioned in the will, even if all beneficiaries agree on the donation.

Download our free Family Office Report to learn more about the family office industry.

Read more Family Office Definitions

Tags: What is charitable deduction?, charitable deduction definition, charitable deduction family office, charitable deduction term, define charitable deduction, charitable deduction wealth management, charitable deduction multi-family office, charitable deduction single family office

Leave Your Response

* Name, Email, Comment are Required

We run the Family Offices Group, the #1 largest family office association with 84,000+ global members. We offer live events, a bestselling book, Webinars, a family office database, and a family office training & certificate program called the Qualified Family Office Professional (QFOP). To get to know us please watch this 2 minute video, and contact us any time during pacific business hours by calling (212) 729-5067 or emailing us at Clients@FamilyOfficesGroup.com.

Free Family Office Report (PDF)

Contact Details for 1,000 Family Offices in Excel