Rotary Speakers-Vicki D'Angelo And Doug Littlewood

Posted by Vern Anderson 
 
Vicki D'Angelo and Doug Littlewood got together to present a program dealing with annual giving, both charitable and family, as well as year end tax planning.  Both have excellent credentials on the subjects, Vicki as an estate attorney, and Doug as a financial advisor.
 

Giving to charities has no upper limit, and if you make donations, they are deductable to any amount.  You may also give to charities for a specific purpose.  For example, if you wish to donate for a scholarship for a specific field of study, the recipients and administrators of the donation must ascede to your wishes, and not apply your donation to the general or administrative fund of the specific charity.

All charitable donations are deductable, both lifetime as well as payments after death.  Everyone should re-examine their estate plans, including wills every five years.  Things change in life, and things that were important to you five years ago may not be that way today.

As for year end tax planning, understand that the sunset provisions of 2001 concerning gifting and deductions are coming to an end on December 31st this year, so your planninng for this year is ultra important.  You should go over your portfolio with your advisor and review your beneficiary designations as well as all new tax implications for this year and next year.  This may be the year to exercise any company stock options you may own.