Irrevocable gifts, either current or deferred, may qualify for immediate income tax deductions, which can be taken annually up to a portion of adjusted gross income and may be carried forward an additional five years. These include outright gifts made during one’s lifetime, as well as planned giving vehicles such as charitable lead trusts, charitable remainder trusts and gifts of life insurance.

Estate and gift tax relief can also be achieved through the types of gifts mentioned above, as well as through gifts of retirement. In particular, making a gift through your will can be helpful for those donors seeking to reduce or even eliminate estate taxes.

Capital gains tax savings are possible when long-term appreciated property (e.g., securities and in some cases, real estate) is donated through outright gifts and charitable remainder trusts.