Charitable Planning


by  American Academy of Estate Planning Attorneys

We give to charity out of our compassion for others. These good actions can also save significant taxes. Fortunately, the Internal Revenue Code provides many tax saving  benefits for charitable donations. Careful and thoughtful individuals often desire and can financially benefit from sophisticated charitable planning. Available strategies afford more flexibility and control than simply making annual donations directly to a bona fide charity. We can work with you so that your charitable donations can be optimized to be more financially rewarding to you and to provide more help to your chosen charitable cause.

Some examples of charitable planning include:

  • Charitable remainder trusts and charitable gift annuity – These strategies will give you an immediate income tax deduction, a lifetime stream of income, and capital gains taxes relief owed on contributed property.
  • Charitable lead trusts –  Create an income stream to charity for a term of years with the remainder of the trust going to your chosen beneficiaries without any estate or gift tax consequences.
  • Donor advised funds –  Such funds will allow you to maximize your income tax savings on your regular contributions to bona fide charities.
  • Private foundations – These entities offer you the ability to control your giving by placing restrictions on how your gifts are used by charities.

With effective planning, you can make important charitable gifts in ways that will help you to save the most in taxes and retain the most control over how the funds will be used.


Curated for the Hopper Law Firm

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