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Need a tax break? There are many avenues to gift money and save


The end of 2021 is quickly approaching, so in addition to planning for the holidays, it’s also time to think about our 2021 taxes.

When President Joe Biden’s infrastructure bill becomes law, tax changes will occur for both individuals and corporations. If you are a high-net-worth individual, consider meeting with your estate planning attorney or certified public accountant this year to discuss advanced gifting strategies that are more complicated than addressed in this article.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law March 27, 2020. This relief package offered significant incentives for families that are charitably inclined to help support the causes they care about while also gaining significant and meaningful tax savings.

The Consolidated Appropriations Act (CAA), which was passed Dec. 27, 2020, extended and expanded many provisions of the CARES Act for 2021, which continues to make this a favorable time for making charitable contributions.

How can you make a difference in someone’s life?

Gifting money to family, friends



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