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CHARITABLE PLANNING

If charitable giving is an important focus of yours, charitable planning provides a unique opportunity for fufilling your objectives in a way that also provides you with significant income and estate tax benefits. Charitable Remainder Trusts, Charitable Lead Trusts, Private Foundations, or establishing a donor-advised fund with a local or regional Community Foundation, are some of the strategies that my clients employ with my advice and assistance.

By way of example, if you establish a Charitable Remainder Trust during your life, you will be able to retain an annuity for life, or for a term of years, and leave the remainder to a charity or charities of your choice. You will be able to claim a deduction, against your income, for the remainder interest which you are leaving to charity. On the other hand, if you establish a charitable lead trust, you will be able to provide to a charity or charities yearly distributions during your life, or for a term of years, and leave the remainder interest to family members. In so doing, you will be able to presently deduct from your taxable income the value of the annuity, or established percentage of assets, as valued on a yearly basis, that you have specified be distributed to charity. At the same time, you will be considered to be making a gift to your chosen family members, for gift or estate tax purposes, the value of which is discounted by the fact that your family members will not receive their inheritances for a number of years. If you establish a donor-advised fund with a local or regional Community Foundation, you will be able to claim a charitable deduction to a fund which is considered a “public charity,” but continue to be involved as a donor-advisor as to how the Community Foundation utilizes your gift in the coming years to support charities of your choice, chosen on a yearly basis. If, on the other hand, you wish to keep control more absolutely in your own hands, you may decide to establish a Private Foundation, to which you contribute an amount of funds of your choosing, and from which you make donations to charities of your choice in succeeding years.

It is our goal to assist you in deciding what form of charitable giving best suits your needs and objectives, and to establish the necessary vehicles for you to fulfill your choices effectively.