Charitable Giving

Charitable Giving

(by Tammy M. Keirn, Esq.)

            Charitable Planning by including a bequest or distribution in your Last Will & Testament or your Trust for your preferred charity is a great way to pass a significant amount of funds at the time of your death.  Your estate planning attorney can assist you with this type of planning.  Your estate or your trust can then receive a charitable exemption from Federal Estate Tax or Indiana Inheritance Tax at the time of your death for any amount which passes to a charity.

            You can also make donations of cash or assets during your lifetime to your favorite charity.  Donations can be made directly to a charitable organization, or some charities may have an endowment or agency fund at a local community foundation for the benefit of that charity.  Donations made during your lifetime may qualify for a charitable deduction on your income tax returns.

            Those that are not able to give funds or assets to charities during life shouldn’t assume that they cannot make a contribution to charities or non-profits of their choosing.  Donating your time can make a tremendous difference to an organization.  Though I am mentioning in this article some of the organizations I am involved in or knowledgeable about, there are numerous worthwhile organizations throughout Indiana that rely on participation by some donors as much as they rely on funds from other donors.  The key is to get involved and support an organization that is meaningful to you.  For example, the Salvation Army looks for volunteers to set up their red kettles and ring the bell for donations during the holiday season.  Toys for Tots is a seasonal program as well, which can benefit from volunteers to collect and distribute toys each holiday season. Shelters for animals like the Animal Welfare League in Kosciusko County are always looking for volunteers to come and walk dogs, play with kittens, clean cages, or are looking for donations of goods like food, litter, blankets, towels, etc.  Veterans’ organizations like the American Legion also seek volunteers for various projects including those benefiting the Indiana Veteran’s Home for those veterans needing nursing home care.  United Way of Kosciusko County even has a website for matching volunteers with organizations in Kosciusko County that need volunteers to donate their time.  Go to www.volunteerkosciusko.org for more information.

            Many of these organizations have the same needs for volunteers year round, so remember volunteerism isn’t just for the holidays.  Organizations that receive grant funds can often use volunteer hours as a demonstration of community support and involvement on grant applications as well.  If you have additional questions or want to discuss charitable giving as part of your estate plan or donation of your time, please feel free to contact me for more information.  I can be reached by email at tammykeirn@lawwarsaw.com , by phone at (574) 268-9911 or toll-free at (800) 569-3903.