Charitable Planning is About Making a Lasting Impact
Charitable gift planning is about more than just giving โ itโs about maximizing your impact and finding reward in making a difference. Whether simple or complex, it allows you to support causes you care about while also benefiting yourself through tax advantages and the joy of making a positive change.
Are You Ready to Make a Substantial Charitable Gift?
Before making a substantial charitable donation, speak with an estate planning attorney at Jarvis Law Office, P.C. Our experience in investments, estate tax planning, and charitable transfers will help you maximize the benefits of your gift, both for the charity and your own financial well-being.
- Planned gifts can provide significant tax benefits and also even lifetime income for you and your family.
- Jarvis Law Office, P.C. will outline charitable giving strategies that align with your values and financial objectives.
- Among the options weโll explore with you include charitable trusts and charitable gift annuities.
- Many people make planned gifts as testamentary bequests to charities in their wills orย revocable living trusts.
- Life insurance is a common means to leverage charitable giving.
The Long-Term Rewards of Charitable Giving: Planning for Impact and Legacy
Charitable giving offers more than immediate gratification โ it also sets the stage for long-term financial and legacy benefits.
- Strategize your donations to minimize current and future tax liabilities.
- Establish a lasting charitable legacy that benefits your loved ones and causes you care about.
- Donate appreciated assets to maximize your contribution and pass along wealth tax-efficiently.
- Design gifts that provide for your heirs while minimizing the tax consequences.
There are many additional benefits to charitable planning beyond this brief overview, so contact your attorney to explore your options.
What Are a Few Ways I Can Give?
A Life Income Gift
This approach provides a future income stream for the charity while also providing a tax deduction and current income payments to you and your family. This gift can be flexible with fixed, variable, or deferred payments.
Bequests and Retirement Plans
You can name your charity as a beneficiary of your will or revocable living trust โ or name the charity as a beneficiary of a retirement plan, such as an IRA, 401(k), 403(b), or other retirement fund. This can be a win-win, especially when it comes to retirement plan assets. There are no income or estate taxes on any retirement plan assets left directly to a charity.
Charitable Lead Trusts
This trust can be used to leverage the eventual transfer of appreciating assets to family members in light of current and future estate and gift tax consequences. Essentially, this approach provides immediate support to your charity through fixed payments for a specified period. At the end of the term, the trust will revert to your loved ones by transferring all of its remaining assets to them with reduced or no estate and gift tax burdens.
Retained Life Estate
Giving real estate (e.g., a home or farm) to your charity can generate a current income tax deduction, but you still retain the right to use the property during your lifetime.
Again, these are just a few (of many available) planned giving strategies you can use to make your gift. Charitable giving is a great way to support your favorite non-profit interests. Even better, planned giving can help you make sizeable gifts that can benefit both charity and your family.
Whether youโre looking to reduce taxes, leave a lasting legacy, or align your financial goals with your values, Jarvis Law Office, P.C. can explore these and additional strategies with you, depending on your unique circumstances.
Contact us today to discover how we can help you make a meaningful difference for future generations while achieving your financial objectives.