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At TEPS LAW, LLC, we applaud individuals that are inclined to use charitable gift planning as part of their estate planning process. When executed properly, charitable gift planning allows the individual to make the gift to provide support to worthy causes while receiving much-needed tax relief. With a practice that concentrates on estate planning, our firm has the knowledge and expertise to provide top-tier guidance and representation to persons seeking to leave a charitable gift during their lifetime or upon their death.

Advantages to Charitable Gift Planning

Charitable gift planning can provide significant benefits for individuals using it as an estate planning tool. These advantages may include:

  • A reduction in gift and estate taxes
  • Creation of goodwill for the heir’s of the estate
  • Support for a cause the individual believes in

Ways to Accomplish Charitable Gift Planning

There are several different methods that we can use to execute an effective charitable giving plan. Some of them include:

  • Charitable Lead Trust: A charitable lead trust allows a charity to have a stream of income for a certain number of years before the remainder goes to the beneficiaries of the trust’s creator. The beneficiaries then receive the remainder without any gift or estate tax consequences.
  • Charitable Remainder Trust: It is possible to name a charity as the beneficiary of a retirement plan, trust, or will. This can be an optimal choice for persons that need to retain their assets for living purposes, but want to leave a legacy of support for a cause they believe in.
  • Life Estate Deed: A life estate deed allows an individual to retain the use of a home or other piece of property for their lifetime. Upon their death, the property then belongs to the charity named in the deed. This enables the charity to receive the property without having to go through the time-consuming and complex probate process.
  • Private Foundation: A private foundation allows the person to create the foundation to place restrictions on the use of the gift. This enables the creator to retain considerable control over the income generated to charities.
  • Lifetime Charitable Gift Planning: When the gift amount is small enough, estate and gift taxes may be avoided by making charitable gifts while still alive. For example, by deeding small portions of your real property to your heirs each year, you may be able to avoid paying any taxes on the transfers.
  • Charitable Gift Annuity: A charitable gift annuity exists when a person makes a charitable donation and, in exchange, will receive regular payments from the organization to which they made the donation.

Contact An Attorney That Understands Charitable Gift Planning

Contact TEPS LAW, LLC, today to speak with an attorney that understands charitable gift planning. You can contact us online or by calling 954-710-9400 to schedule an initial consultation. We now offer virtual and telephonic consultations, by appointment, for your convenience.

Free Consultation

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