With the holiday season upon us, the charitable giving season is also upon us. Charitable giving is important not only for income tax purposes, but can also be important for estate tax purposes.
For tax purposes, a charitable gift is deemed made on the day the gift was delivered to the charity. This has important implications in tax law as it determines what laws apply.
If you are planning on giving to charity this holiday season, then you need to know when your gifts will be considered delivered.
Recently, the Wills, Trusts & Estates Prof Blog published a list of delivery dates for common types of gifts in an article titled “Date of Delivery for Gifts.”
Accordingly, here are the “dates of delivery” for commonly given assets:
To ensure your generosity complies with the tax law as falling safely within tax year 2014, or if you have any other questions about charitable giving, contact an experienced estate attorney sooner rather than later.
Reference: Wills, Trusts & Estates Prof Blog (November 27, 2014) “Date of Delivery for Gifts.”
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