Judge Learned Hand on Taxes:
“Over and over again courts have said that there is nothing sinister in arranging one's affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.”
Commissioner v. Newman, 159 F2d 848 (1947).
In my 25-year career in fundraising, I have seen most donors motivated by altruism, philanthropy, gratitude, loyalty, and pure generosity. While some have been keener on receiving the tax benefits derived from their careful gift planning, still others have been influenced by professional advisors who seem to have been more focused on preserving their clients’ wealth than enabling the joy that comes from making a meaningful gift to a worthy purpose.
Please read the full article attached to see how you can use your deduction bunching strategy to maximize your useable charitable deductions, optimize your charitable impact, or maximize your credit from the charity. This information could come in handy if you are coming up to a fiftieth reunion at school, interested in setting up an endowed fund, eager to help out in a campaign, or just keen on arranging your affairs to keep your taxes as low as possible.
Thank you for reading, thank you for planning, and thanks for giving,
Disclaimer: No legal or tax advice intended. Please consult with your own legal and/or tax advisor about the impact of charitable gift decisions.
A Groton and Wesleyan grad, Pete flew helicopters on active duty in the Navy for six years before embarking on a career in charitable gift planning that has since spanned three decades. As the Gift Planning Director for Groton School, University of Hartford, Virginia Tech, and The Cooper Union from 1994-2018, Pete proposed, negotiated, consulted, or closed on more than $147 million of planned gifts from wealthy individuals. Pete now runs his own consulting practice and enjoys serving small non-profits, connecting them to wealthy prospects in ways they never could before.