Insights
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Jennifer Pagnillo wrote an article, "Best Practices for Charitable Gifts to Individuals," for Trusts & Estates Magazine. The article discusses considerations to take into account when making gifts to needy individuals. When providing grants from a private foundation to aid the indigent, the grants must be made on a true charitable basis "in furtherance of the purpose for which the foundation was organized." Another way clients can provide financial assistance to disadvantaged individuals is through an outright gift. As with grants, those making the gifts should be mindful of relevant tax laws and regulations. "Although the catalyst for charitable gifting is generally altruistic rather than tax-related," Pagnillo wrote, "it is important to note that there’s no income tax deduction for individual gifts made directly to needy individuals for charitable purposes."
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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.