To Gift or Not to Gift in Williamsburg, Virginia


Some clients may want to give big now because the charitable gift tax write-off is among the deductions that may become a casualty of tax reform. But tax rates for the wealthy could jump next year, in which case they'd want to set aside deductions for 2013, when the deductions potentially would be worth more.

Hurry up! No, wait! Well, which is it? It all depends on your giving strategy. If you want to take advantage of current charitable giving options you better “hurry up” and get those gifts lined out.  But if you are apprehensive about a possible increase in your taxes for next year, you may decide it’s best to “wait” and set those gifts aside for 2013 deductions.

The rallying cry of “hurry up and wait” regarding charitable giving was sounded by Reuters in a recent article titled “Charitable giving in unclear tax times.” One reason for playing “wait and see” is that we are still in the dark when it comes to the tax implications 2013 will bring. In fact, that darkness may not lift until long after the election, especially with retroactive tax policies a possibility.

Nevertheless, giving is easy, as far as major financial moves go. So you can wait and see if some definitive answer pops up before year’s end. If 2013 will be a bad year tax-wise, and the gift can wait until 12:01 a.m. on New Year’s Day, then the deduction can do the most good to offset new taxation. But, on the other hand; you might not want to waste the giving opportunity this year, and a deduction for 2012, by that minute.

Unfortunately, your legal, financial and tax advisors likely do not have a crystal ball to help you make the call. So what will your giving strategy be for this year and beyond? You can learn more about this topic as well as other strategies on our website under the tab entitled:  charitable planning in Williamsburg, Virginia . Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.

Reference: Reuters (October 18, 2012) “Charitable giving in unclear tax times

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.