The Charitable Giving Process in Worthington, Ohio
The charitable giving process encompasses a range of options. You can make direct donations or explore more complex strategies based on your financial situation and goals. The process starts with identifying what you want to achieve in your giving, and weโre here to help you find the best ways to make a meaningful impact.
Planning for the Future with a Substantial Donation?
If you want to make a substantial charitable donation now or in the future, Jarvis Law Office, P.C. can provide the careful guidance you need. Our estate planning attorneys have extensive knowledge of investments, property, tax, and charitable transfers. Weโll help you structure your gift to maximize its positive impact and align with your long-term financial goals.
- 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.
Why Consider Charitable Planning?
There are many reasons to consider planned giving. Whether youโre motivated by tax advantages, the desire to create a legacy, or a wish to provide for your heirs, planned donations offer flexible strategies to achieve your goals while supporting the causes you care about.
- Provide inheritances for heirs while decreasing their tax liability.
- Reduce your ordinary income taxes and avoid capital gains taxes on appreciated assets through charitable deductions.
- Create a charitable legacy for future generations.
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.