How can I set up charitable giving to be a part of my estate?

We can help you set up a charitable giving plan to ensure you can continue to utilize and increase your money during your lifetime and later provide support to charities of your choice.  Some of the different ways to maximize your charitable giving are outlined below:

• Charitable Lead Trusts: This type of trust can allow you to give to a charity each year until a designated year or your death. After the trust is terminated, the remaining assets can be distributed as you choose.  This type of trust brings significant benefits such as removing the contained assets from your estate for estate tax purposes and making earnings tax exempt.
• Charitable Remainder Trusts: These trusts can be set up so that you can continue to increase and spend your assets during your lifetime. A tax deduction is available once money is transferred into this fund and the charity the funds are to be left to can be changed if the designated charity changes status.
• Donor Advised Fund: These funds can be used to gain tax deductions and specify how you want your money to be spent within an organization through fund advising.
• A Private Foundation: If you choose to establish a private foundation, you will have a very high degree of control over how your money is spent.  This can also be an opportunity to begin a family legacy of giving in the community.  Significant tax benefits also entail.  This can be useful for high net-worth families and wealthy individuals.

If you would like more information on any of the above charitable giving plans or want advice on what giving option would be of most benefit to you, please contact our Board Certified Tax Lawyer Fred Jacobs, Esq. at (941) 906-1231.