Phoenix Living Trusts & Wills Lawyer

Expert planning advice

No surprises – fixed fees

Unlimited access

Free seminars

Plan your donations to charities so that everybody wins.

Gilbert & Chandler Charitable Deduction PlanningAn important element of estate planning for most high net-worth individuals is making charitable contributions as part of their legacy.

As with all areas of estate planning, this is most effective when the tax implications are fully taken into account.

All too often, contributions are made on an ad hoc basis, which can adversely affect your estate by paying too much tax.

We will help you:

  • Consider how much you want to give and to which charities
  • Plan the timing of your donations to be most tax-effective
  • Create a schedule for donations according to your plan
  • Set up trusts or funds that allow more flexibility with your charitable contributions

Planning your giving

You have spent years working hard and now you want to give back.

Of course, there is an emotional element to this. You want to help people, organizations, and causes that matter to you.

However, your contributions are most effective for everybody concerned (including you, your family, and the community) when they are carefully planned.

Your contributions can be in the form of:

  • Cash
  • Stocks
  • Bonds
  • Real estate
  • Insurance 
  • Business interest
  • Other assets 

Contributions can be structured in various ways. 

They can provide an income to you during your lifetime, with the remainder going to charity after death.

Alternatively, they can provide income to the charity with the remainder going to your final beneficiaries:

  • Planned gifts – including life income gifts, life insurance gifts, and charitable gift annuities 
  • Charitable remainder trusts – where you or your family retain an income stream from the property for a specific time before it passes to the charity
  • Testamentary charitable lead trusts – where you donate some of the trust’s income for a specific period of time and the remaining property is passed to your family members
  • Donor-advised funds – donate a lump sum to a fund set up by a charity, with grants paid to it periodically
  • Conservation easements – for landowners who wish to permanently protect and preserve a piece of land
  • Private foundations – like setting up your own personal charity

There are other options available, such as making a gift of real estate with retained life estate in the donor

This is where you can use the property during your lifetime but it transfers to a named charity after death.

You can also make a charity the beneficiary of your retirement benefits as another tax-effective strategy.

It is not only about being tax-efficient

It may be important for you to minimize income tax by tax-deductible gifts, which reduce your taxable income. You may also be attracted to the reduction in capital gains tax when you make contributions of stock or real estate that has appreciated in value and you almost certainly want to reduce estate taxes.

These are all good reasons to plan ahead.

However, planned contributions can also be better for the charities you help:

  • More predictable income – if the charity is aware of the planned contributions, it is easier for them to plan ahead.
  • They receive the income during your lifetime rather than having to wait until you pass away

A more effective charitable deduction strategy

As you have seen, charitable contributions can get complex. There are many more options than just a one-off contribution.

Considering all your options when planning charitable deductions will help you map out the most effective way ahead. It will also help prevent potential tax issues for you, your family, or the organizations you want to help. Our legal guidance will save you the headaches of trying to go it alone with charitable contributions.

Contact Us Today

As seen and heard on

Fox News
Oldies_92.7
KTAR-NEWS

Testimonials

Just a few minutes into our first meeting we had a high level of confidence that we had landed in the right place and knew we were in good hands.  The entire experience – from the first meeting through the delivery of the final documents – was not only painless, but it was also pleasant!

Randall & Julie F.

We had known for many years that we needed an estate plan but just never got around to doing it.  We immediately felt like they “got” our unique family situation and knew just what to do.  We wish we had done this sooner but what a great feeling it is to know that what we worked so hard for all these years will be protected and go to the right people when it’s our time.

Christine & Arvon J.

We felt like they really listened to us as we talked about our family and business and what we wanted to accomplish.  They took the time to help us understand how living trusts and LLC’s work and how they can help protect our family and property.  The fixed fee approach was very appealing to us.  We were excited when we received our estate planning and LLC notebooks!

James & Tiffany L.

For years my husband and I thought about creating a living trust but had assumed the process would be confusing, expensive and time-consuming.  We could not have been more wrong.  We attended two online Zoom meetings where they explained what a trust is, why it’s important to create one and how to go about doing so.  They were able to gather the information needed to create our trust from just these two online meetings plus the final in-person meeting to sign documents.

Jessica S.

Kent is an exemplary advocate for his clients. It is an honor to have worked with him and witness his high ethical standards.

Kenneth Shapiro

We put together a complete estate plan in just three one-hour meetings.  The meetings were well organized and planned by the attorney.  The concepts and legal terms were all well explained by giving real-world examples.  The staff is easy to work with.  They went out of their way to make it an enjoyable experience.

Don H.

Start your estate plan with a free consultation from our estate planning attorneys.

Book Now