McDonough Law Group’s Post

Set the Standard: Charitable Giving Setting a strong foundation of giving is our final podium-worthy strategy of the series. It may seem counterintuitive, but one of the best ways to maintain wealth may be to give some of it away. The tax code is designed to encourage philanthropy that will support a wide range of worthy organizations. If planned correctly, charitable giving is a smart strategy to reduce your tax liability while also funding causes that are meaningful to you. The best part is that you are in charge of the charitable giving. Bump up support for organizations that align with your values. Give to charities whose work you admire. Put your money to good use. Contact our team of talented professionals ready to discuss how you can make the world a better place while also protecting your assets.

💡 Clarity on charity 💡 📢 Let’s shout louder for our charity beneficiaries - too often are they viewed as adding complexity to inheritance disputes. ✋🏼 It’s time to switch the narrative. My latest article considers how to collaborate with charity beneficiaries and learn from their unique role in the #privatwealth sector. #positiveperspectives #giftsinwills https://lnkd.in/eF-GvSf7

Donating a conservation easement can provide taxpayers with a legitimate charitable deduction, so long as the donation meets certain requirements. But beware of bad actors promoting conservation easements with deductions that exceed the amount invested in the property. Typically, you’re allowed to claim a charitable contribution deduction for the fair market value of a conservation easement donated to a qualified charity. But the IRS is paying close attention to abusive transactions and imposing penalties where warranted. According to IRS Commissioner Danny Werfel, “Taxpayers should be wary of anything that seeks to completely eliminate a legitimate tax responsibility.” #ConservationEasement #TaxDeduction #IRS

Donating a conservation easement can provide taxpayers with a legitimate charitable deduction, so long as the donation meets certain requirements. But beware of bad actors promoting conservation easements with deductions that exceed the amount invested in the property. Typically, you’re allowed to claim a charitable contribution deduction for the fair market value of a conservation easement donated to a qualified charity. But the IRS is paying close attention to abusive transactions and imposing penalties where warranted. According to IRS Commissioner Danny Werfel, “Taxpayers should be wary of anything that seeks to completely eliminate a legitimate tax responsibility.” Our resource directory offers valuable links to assist in managing various financial and legal aspects of a business or individual: https://bit.ly/3SMrnzb #ConservationEasement #TaxDeduction #IRS

Donating a conservation easement can provide taxpayers with a legitimate charitable deduction, so long as the donation meets certain requirements. But beware of bad actors promoting conservation easements with deductions that exceed the amount invested in the property. Typically, you’re allowed to claim a charitable contribution deduction for the fair market value of a conservation easement donated to a qualified charity. But the IRS is paying close attention to abusive transactions and imposing penalties where warranted. According to IRS Commissioner Danny Werfel, “Taxpayers should be wary of anything that seeks to completely eliminate a legitimate tax responsibility.” Our resource directory offers valuable links to assist in managing various financial and legal aspects of a business or individual: https://bit.ly/3SMrnzb #ConservationEasement #TaxDeduction #IRS

Is your charity looking to make the most of its property assets? Sometimes, unlocking the value of unused land or buildings can significantly advance your charitable objects. Stone King Partner, Chris Sharpe recently shared his top tips for charity trustees considering the sale of charity-owned land - a process that involves careful planning and due diligence. Whether it’s a freehold or leasehold property, at each step, trustees need to act thoughtfully to safeguard the charity's resources and mission. Read Chris’s article, which provides useful pointers on how to navigate these important decisions with confidence ➡️ https://lnkd.in/exDA8fb6 #StoneKing #TrusteesWeek #PropertyLaw

5 reasons you need a Will even if you don't have Kids 1. Make your wishes 'official' - If you have a partner or unrelated person you want to give to, a Will is the only way to ensure this. 2. Lessen the burden - Without a Will your estate may need to go through Probate, which is added stress for your family. 3. Leave money to your Pet - Fur babies need guardians too! Make sure the best person takes your pet and that they're supported financially. 4. It only takes 15-20 mins - It's like an MOT or boiler service. Once it's done it's done and then you can forget about it. 5. Leave a gift to charity - Donate 10%+ of your estate to a charity you love, your other beneficiaries could save tax too! More info 👉 https://lnkd.in/gh9sc2ib 🛡😇 #propertyinvestor #landlorduk #ukproperty #landlordtips

Donating a conservation easement can provide taxpayers with a legitimate charitable deduction, so long as the donation meets certain requirements. But beware of bad actors promoting conservation easements with deductions that exceed the amount invested in the property. Typically, you’re allowed to claim a charitable contribution deduction for the fair market value of a conservation easement donated to a qualified charity. But the IRS is paying close attention to abusive transactions and imposing penalties where warranted. According to IRS Commissioner Danny Werfel, “Taxpayers should be wary of anything that seeks to completely eliminate a legitimate tax responsibility.” #taxes #taxpayers

🌍✨ Celebrating International Day of Charity ✨🌍 Today is #InternationalDayofCharity , a day not only to recognise the impact that charitable giving has on society, but also the personal benefits it can offer you and your family. Did you know that donating to charity could reduce your Inheritance Tax (IHT) liability? By using charitable donations into your estate planning, you can support the causes you care about and potentially reduce the tax burden. Here’s how: 💡 Charitable Donations are Exempt from IHT Any donations made to charity, whether during your lifetime or in your Will, are exempt from IHT. 💡 10% Rule: Lower IHT Rate If you leave 10% or more of your estate to charity, the IHT rate on the remainder of your estate is reduced from 40% to 36%. this can be done in your Will, or by beneficiaries after your death through a deed of variation. 💡 Leave a Legacy By giving to charity, you create a lasting legacy that will have a positive impact on the world long after you’re gone. As we mark #InternationalDayofCharity, consider how charitable donations can be a meaningful way to give back, while also supporting effective tax planning for your estate. #Charity #Philanthropy #EstatePlanning #InheritanceTax #IHT #GiveBack #Legacy