Education, Estate Planning, Life Insurance, Taxes, The Big Why

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Are Gifts to Children Tax-Deductible? Introducing CLATs

I am often asked if someone can take an income tax deduction for money they gift to their children. Unfor­tu­nately, gifts to individuals are not tax deductible: tax deduc­tions can only be taken for gifts to organi­za­tions on the IRS list of approved charities.

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