Charitable Planning Attorney Serving Queens and the New York Area
Giving to charity is an excellent way to reward the causes and institutions that mean the most to you. When done properly, charitable giving can also ensure the greatest possible portion of your gift goes to the charity rather than the IRS. In addition, it can provide you with benefits such as deductions on capital gains, estate, and income taxes, and create a steady income stream for you, your loved ones, and future generations. At The Estate Planning and Elder Law Group, we help our clients give to charity in the most efficient manner possible. Here are just a few of the ways we accomplish this.
Charitable Remainder Trust
This can provide an immediate income tax deduction, the waiver of capital gains taxes on contributed assets, and a lifetime income stream.
Charitable Lead Trust
A charitable lead trust creates an income stream, for a specified number of years, that benefits the charity of your choice. Any remaining assets in the trust can be passed down to your children without incurring gift or estate taxes.
Donor Advised Fund
This allows you to maximize income tax savings on weekly or monthly donations to your church and other charities.
With a private foundation, you can specify and control how your gift is used by the recipients of your generosity.
This has been a brief overview of charitable planning, which is a complicated area of the law. To learn more, and to discuss your particular goals, we invite you to contact us for a consultation.