Russell James, the well-known Texas Tech professor, is fond of saying that gift planning can do two things, lower taxes and trade a gift for income. Of course, there are many ways to accomplish this goal, but basically, gift planning should appeal to those individuals who have a desire or can be shown an advantage in accomplishing these dual objectives. So charities and donors are both best served if they can determine together if these are, in fact, a donor’s objectives. If so, then progress toward accomplishing those goals through gift planning is in order. If they are not, another perhaps simpler course of action should be pursued.
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