Why Consider Charitable Planning?
Charitable gift planning opens up opportunities for rewarding donations. You can support causes close to your heart through direct gifts or tap into more sophisticated strategies for greater impact and potential tax advantages. Explore your options to find the right fit for your estate plan.
What You Should Know Before Making a Substantial Gift
You may have many reasons for wanting to make a sizeable donation to charity. Whether you’re motivated by supporting a cause close to your heart, seeking tax benefits, or wanting to create a lasting legacy, Jarvis Law Office, P.C. can provide the guidance you need. Our estate planning attorneys have deep knowledge of investments, property, tax, and charitable transfers. We’ll help you structure your gift to achieve your goals and make a meaningful difference.
- 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 we’ll explore with you include charitable trusts and charitable gift annuities.
- Many people make planned gifts as testamentary bequests to charities in their wills or revocable living trusts.
- Life insurance is a common means to leverage charitable giving.
Consider Strategies to Maximize Your Gift’s Impact
Want to make the most of your charitable donations? Consider these strategic approaches.
- Utilize deductions and exemptions to reduce your tax liabilities.
- Establish a lasting charitable legacy that benefits future generations.
- Donate appreciated assets like stocks or real estate to maximize your gift’s value.
- Design gifts that provide for your heirs while minimizing their inheritance taxes.
There are many additional benefits to charitable planning beyond this brief overview, so contact our charitable planning 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 — 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 you’re 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.
