As this is the holiday season, Jim and Cathlyn are going to focus the next two weeks on the gifting of assets; to charities, to friends and to family members. This week they focus on gifting to charities. Jim discusses the tax implications of gifting assets to charities, as well as the types of organizations that qualify. Jim and Cathlyn also discuss contributing all or part of one’s IRA required minimum distribution (RMD) to charity as well and how it could affect one’s tax bracket. In addition, they discuss gifting stock, bonds and other physical assets to charity. The guest this week is Attorney Louis A. Mezzullo of McKenna Long & Aldridge LLP who will discuss the legal side of year-end tax planning for small business pensions.
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