Season For Generosity

Now is the time to plan your year-end giving.

Susan Peck | Special to the Jewish News

W

ith the holidays in full swing,
ing or handling of your trust,” Hoffert said.
it’s the time to consider your
IT’S THE GIVING SEASON
tax planning options for year-
When working with a tax professional, you
end giving. Just like your annual physical
can decide if the many choices regarding
is important for monitoring your health,
handling your year-end gift giving
a yearly financial assessment is a
and charitable donations are right
great way to evaluate your finan-
for you.
cial health and provide the oppor-
If your circumstances allow
tunity to make adjustments before
you to start transferring some
the Dec. 31 deadline.
of your assets to your children
Myles Hoffert of Hoffert &
and grandchildren now, consider
Associates in Farmington Hills,
making annual exemptions gifts.
a tax attorney with 45 years of
“For 2016, the IRS allows a person
experience, recommends getting
Myles Hoffert
to give a total of $14,000 to any
an overview once a year to make
number of recipients free from
sure you are taking advantage of
any gift tax,” Hoffert said. “This means
the options you are entitled to, including
a husband and wife can transfer $28,000
year-end gift giving to family or charitable
(two $14,000 gifts) to the same individual
organizations.
or several people.”
“You can go to one of the chains like
And if your plans include giving to
H&R block for simple tax return prepara-
tion, but you’ll want to see a tax attorney or a charity before the end of the year,
remember that a cash contribution must
CPA for tax planning that includes gift-giv-

be documented in order to be deductible.
“You’ll want to check with your tax
attorney about a number of tax-advan-
taged options available for your year-end
contributions,” Hoffert said. “I discuss
with my clients what groups and orga-
nizations they have a passion or interest
in and we explore the opportunities to
donate.”
According to the IRS, if you claim a
charitable deduction of more than $500
in donated property, you must attach
Form 8283. If you are claiming a deduc-
tion of $250 or more for a car donation,
you will need a written acknowledgement
from the charity that includes a descrip-
tion of the car.
Remember, you cannot deduct charitable
donations given to individuals, social clubs,
political groups or foreign organizations.
“An endowment fund set up for a favor-
ite organization that relies on charitable
donations can be a wonderful way to go,”

Hoffert said. “We have set up funds for cli-
ents with JVS, Jewish Community Center,
Kids Wish and Hebrew Free Loan, to name
a few.
“Philanthropic endowment funds can
also be set up for your synagogue or
place of worship,” said Hoffert, who is a
member of Adat Shalom Synagogue in
Farmington Hills.
The three most popular means of year-
end donating are: cash contributions, giv-
ing appreciated stock and gifting appreci-
ated real estate — and all can be set up for
you with your experienced tax planner.
“If done right, these contributions are a
win-win for everyone involved and some-
thing to feel very good about,” Hoffert said.
Helpful information can be found on
the Financial and Government Estate
Planning Council’s website: www.metro-
detroitfepc.org with webinars offered to
the public including current tax laws and
updates for 2016.

*

2137110

December 8 • 2016

39