Why is Charitable Planning a Good Idea?
Charitable planning can help your assets last and continue to support philanthropic causes long after you have passed away. This type of planning can:
- Ensure a charity has a consistent gift or donation to rely on
- Allow you to essentially exceed the usual charitable deduction limit
- Help you take advantage of tax breaks for charitable giving
- Give charitable gifts while you are alive without straining your finances
When our lawyers help you with charitable planning, you can tell them what kinds of causes you want to support and how much money to give. You can also make plans for giving away money while you are still alive.
Charitable planning is also a good idea because a substantial, predictable gift from you can really benefit a charitable organization, especially a smaller one or a group that supports a more niche cause. You could be making a massive difference here.
How Can a Lawyer Help Me With Charitable Planning?
Setting up all of this on your own can be tough, so we recommend working with our estate planning lawyers. We have helped plenty of clients with their charitable planning and we can work to find the best options for you. We could help you set up a family foundation or a special fund that can set aside money for various causes while you are alive and after you have passed away.
We can also help you set up a trust. This is a common way for people to make donations to various charitable causes. A charitable remainder trust is one such option. This trust “pays” you first at the end of an annuity term, and then gives what remains to charity. There are different ways to set up this kind of trust and its payouts, so it can be a great choice for people of varying income levels.
Charitable lead trusts are another option. They pay your charity first. This type of trust can also make gifts to your beneficiaries without affecting your own gift tax exclusion limits. These trusts can be good for anyone who has assets that are rising quickly in value.
Contact Our Law Firm Today
Making an estate plan on your own can be tough, so contact Herting Law, PLLC and schedule a consultation. We can tell you more about our estate planning experience and how our attorneys can help you with any charitable giving.