Outright Lifetime Gifts
All outright charitable gifts made during your lifetime will qualify for the gift tax charitable deduction. These donated assets are also excluded from your estate for federal estate tax purposes. You can also get a current valuable income tax deduction when you make a lifetime charitable gift. When you consider the taxes you save with the income tax deduction, as well as the fact that assets passing to your family at your death may bear taxes at rates as high as 60%; the “cost” to your heirs of your lifetime charitable gift may not be that significant.