Brush off the end-of-year charitable checklist

At the end of the year, the time is ripe for many activities, like family get-togethers, church events and Christmas celebrations. It’s also a good time to squeeze in financial, tax and charitable reviews.

Here is a short checklist of items to think about before Dec. 31:

• Visit your attorney to update your will or trust if you have moved to a new state, got married or divorced, given birth or adopted children, received an inheritance or other money or had other major life changes.
• Review and update beneficiary designations on all retirement accounts and insurance policies.
• Check to see that you have important documents in place, including durable powers of attorney, health care powers of attorney and advance directives.
• Review and make any changes to guardians for minor children.

Tax strategies through giving

Now is also a good time to review your tax situation and see how charitable giving may be beneficial. A few examples include:

• Cash gifts - Make a gift of any amount and receive an income tax deduction this year.
• Appreciated asset gifts - Avoid capital gains tax on the sale of your assets by giving your stock or real estate to charity. Save on taxes with a charitable deduction.
• Charitable gift annuities - Make a gift, receive payments for life, and benefit from tax advantages. You can give cash, securities or other assets.
• Other gift plans - Many other options are available depending on your situation.

Here to help you make it happen

Everyone’s financial situation is different. A trusted consultant  can help you see what’s right for you. When donors make a gift through Everence, they are relying on a trusted, donor-advised foundation that offers flexibility, multiple charitable recommendations and other advantages.