First Western Offers Charitable Giving Tips

14 December 2010

First Western Trust Bank has come out with a list of charitable giving tips for the year-end. The list, produced by First Western's Philanthropic Services group, includes nine suggestions for year-end philanthropic planning. Among the tips are:

-Consider an organization's program ratio - a measure of how much of your charitable contribution actually goes to accomplishing its program or mission rather than to administrative expense and fundraising.

-Know how much is actually deductible. The amount of your charitable deductions is not only limited by your adjusted gross income but also the type of gift that you make.

-Make sure you have held appreciated assets that you are planning to donate for more than one year. Deductions are only available for assets that, if sold, would trigger long-term capital gains.

-Be sure to get documentation when making a contribution. File the correct forms with the IRS to ensure deductions are taken correctly.

"Now that we have a better idea of how lawmakers are thinking about taxes next year, a good number of our clients are kicking their year-end 2010 charitable decision making into high gear. While we are providing suggestions, anyone should still first discuss the matter with their financial advisors," Sara Silva, director of philanthropic services for First Western, said in a statement.

First Western Trust has more than $4 billion in assets under management.