DENVER, CO--(Marketwire - December 13, 2010) - First Western Trust Bank, striving to be the best private bank for the Western wealth management client, has produced a list of "Charitable Giving Tips for Year-End."
The list, produced by First Western's Philanthropic Services group, includes 9 specific suggestions for year-end philanthropic planning. Among the tips are:
- Consider an organization's program ratio -- a measure of how much of your charitable contribution actually goes to accomplishing its program or mission rather than to administrative expense and fundraising.
- Know how much is actually deductible. The amount of your charitable deductions is not only limited by your adjusted gross income but also the type of gift that you make.
- Make sure you have held appreciated assets that you are planning to donate for more than one year. Deductions are only available for assets that, if sold, would trigger long-term capital gains.
- Be sure to get documentation when making a contribution. File the correct forms with the IRS to ensure deductions are taken correctly.
"Now that we have a better idea of how lawmakers are thinking about taxes next year, I have no doubt a good number of our clients are kicking their year-end 2010 charitable decision making into high gear," said Sara Silva, Director of Philanthropic Services for First Western. "While we are providing a few guidelines, anyone considering a donation should discuss the matter first with their financial advisors."
The full list of "Charitable Giving Tips for Year-End" is available at www.fwtb.com.
About First Western Trust Bank
First Western Trust Bank strives to be the best private bank for the Western wealth management client, providing comprehensive tailored solutions in the areas of wealth planning, private banking, investment management and trust services. With over $4 billion in assets under management, First Western was recently ranked by Inc. magazine as one of the fastest growing bank/bank holding institutions in the country. Built specifically for the new economies of the West, the firm and its affiliates have offices in Arizona, California, and Colorado. For more information, visit www.fwtb.com or call 303-531-8100.
Contact Information:
For more information, please contact:
Rebecca Macsovits
First Western Trust Bank
(303) 531-8100