Hayes & Wilson, PLLC
Call to Schedule a Appointment
713-880-3939
Houston Texas
Practice Areas

Could tax deductions for charitable giving have health effects?

Here in the U.S., there are tax benefits, such as deductions, available in relation to charitable giving. One of the main goals of tax benefits for charitable giving is to encourage such giving. A recent study indicates that such tax benefits may also have positive health impacts.

The study looked at survey data regarding charitable giving and health status to see if there was any connection between amount of tax benefits for charitable giving and health levels. From the analysis of the data, the study concluded that increases in charitable giving tax subsidies were associated with increases in health scores.

Why might increased tax benefits for charitable giving lead to health improvements? They might trigger a chain of events in which the tax benefits lead to increased charitable giving, and the increased charitable giving leads to improved health among those giving. The study found that charitable giving was associated with various positive things health-wise.

This raises the possibility that tax policy regarding charitable giving may have health effects. Do you think that, in light of this, lawmakers here in the U.S. should consider upping the tax benefits for charitable giving?

The laws regarding tax benefits for charitable giving are complex. Also, the types of methods available for charitable giving are numerous (trusts, annuities, foundations, funds and one-time gifts are some examples), and the tax effects of them vary. These are some of the reasons why careful planning can be so important when it comes to lifetime charitable giving. Lack of such planning could cause a person to leave helpful tax benefits or other benefits on the table in relation to their giving. Given this, when developing a charitable giving plan, a person may want the guidance of a skilled lawyer.

Source: phys.org, "Can charitable giving improve your health?," Jan. 6, 2016

No Comments

Leave a comment
Comment Information

NEED LEGAL ADVICE?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Our Location

Hayes & Wilson, PLLC
1235 North Loop West
Suite 907
Houston, TX 77008

Phone: 713-880-3939
Fax: 713-880-9990
Map & Directions

Board Certified | Texas Board of legal Specification
Visa | MasterCard
FindLaw Network