Charitable Planning

You have the ability to utilize a revocable living trust to make gifts that benefit the organizations you support. Gifts can be distributed according to the instructions you have left in the trust. Such gifts are 100% deductible for federal estate tax purposes.

Through the creation of a charitable trust or a charitable foundation, you have the ability to create a living legacy through positive works and financial contributions, which will not only have a positive effect on you, but your family – and often for generations to come. Charitable planning is an effective way to help philanthropic individuals achieve their charitable goals while also reaping both tax and financial benefits.

For example, a charitable remainder trust (CRT) is an irrevocable trust that allows the grantor to (a) transfer assets into the CRT, providing him/her with an income tax deduction; (b) allows the CRT to sell the assets, without requiring the grantor to pay capital gains on appreciated assets; (c) create an income stream for the grantor that can last the remainder of the grantor’s (or other beneficiary) life; (d) makes a gift to charity, while; (e) removing the gifted assets from the grantor’s estate, which in turn reduces subsequent estate taxes. You may also opt for the creation of a charitable lead trust, which allows the grantor to receive an income for his/her lifetime and then upon the grantor’s death, transfers the remaining assets to his/her heirs, lessening the amount of generation skipping taxes a grantor would be required to pay.

In addition to the creation of a charitable trust, you may wish to establish a charitable foundation. A charitable foundation is a not-for-profit entity which generally makes financial contributions to an individual’s chosen not-for-profit organization(s). There are many variables and options to consider when contemplating charitable planning. Your Rose Law Group pc estate planning attorney will assist you in determining which option best achieves your goals, maximizes the tax benefits of charitable giving, and provides the greatest amount of support to the charitable causes you value the most.

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