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    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
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    Nov 7 12

    To Give or Not To Give (In 2012) – An Important Question for Newport Beach Families

    Newport Beach Law Firm

    Hurry up and wait – that's what some financial
    advisers are telling their clients as an uncertain tax environment makes it
    tough to plan charitable giving in 2012.

    Please Give sign on coinsWith 2013 almost upon us and
    only two short months of 2012 to go, now is the time to act. For some matters,
    like planning for your estate and gifts to loved ones, that means acting with
    immediacy. But then again it might still mean to just hurry up and wait!

    Depending upon your goals and
    hopes for the coming year, it might still be time to wait when it comes to
    charitable gift planning.

    The rallying cry of “hurry up
    and wait” regarding charitable giving was sounded by Reuters in a recent article titled “Charitable
    giving in unclear tax times
    .” One
    reason for playing “wait and see” is that we are still in the dark when it
    comes to the tax implications 2013 will bring. In fact, that darkness may not
    lift until long after the election, especially with retroactive tax policies a
    possibility.

    Nevertheless, giving is easy, as
    far as major financial moves go. So you can wait and see if some definitive
    answer pops up before year’s end. If 2013 will be a bad year tax-wise, and the
    gift can wait until 12:01 a.m. on New Year’s Day, then the deduction can do the
    most good to offset new taxation. But, on the other hand; you might not want to
    waste the giving opportunity this year, and a deduction for 2012, by that
    minute.

    In the end, you might end up
    going with your gut instinct on this one either way. Unfortunately, your legal,
    financial and tax advisors likely do not have a crystal ball to help you make
    the call.

    Contact your Newport Beach
    estate planning attorneys at Meier Law Firm to discuss all of your estate
    planning needs
    .

    Reference: Reuters (October
    18, 2012) “Charitable
    giving in unclear tax times




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