Charitable Contributions

Charitable contributions in the context of estate and gift tax law refer to donations made to qualified nonprofit organizations. When you give money or property to charity, it can reduce your taxable estate and potentially lower the taxes owed on gifts you make during your lifetime. These contributions may be deducted from your taxable income if you itemize deductions, and they can also provide significant tax benefits for your estate after you pass. Overall, donating to charity can be a strategic way to support causes you care about while also minimizing tax liability.