Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Often, an individual wants to make a gift to charity. They don’t want something complicated, but they want to get the most bang for their buck. Estate planning attorneys and other financial professionals know the client could just contribute cash to the charity. Certainly, that would be … [Read more...] about Basics of Estate Planning: Getting the Most out of Charitable Gifts
Charitable giving can be a very rewarding endeavor when you are crafting your legacy. When you engage in philanthropic acts you receive personal rewards, but there can also be tax advantages if you take the right steps. With this in mind, we will look at charitable remainder trusts in this post. Overview If you are creating a charitable remainder trust, you are called the grantor of the trust. To enjoy the maximum benefits, you want to fund the trust with assets that have appreciated … [Read more...] about What Is a Charitable Remainder Trust?
When you are contemplating the legacy that you will be leaving behind, you may consider giving to charity. Many people are passionate about certain causes, and there are those who would like to give something back to institutions that have been meaningful to them throughout their lives such as schools or hospitals. Making philanthropy a part of your legacy can be personally satisfying, but there can also be tax advantages. Everyone is aware of the fact that you can deduct charitable donations … [Read more...] about How Will You Give to Charity?
There are various different ways to give to charity when you are planning your estate. The correct choice for you is something that you should probably discuss with an experienced estate planning lawyer. Some people would like to derive income as they set aside a certain amount of money for charities. This can sometimes be done with inherent tax advantages built-in. To this end, you may want to consider the creation of a charitable remainder unitrust. Another option would be to create a … [Read more...] about Charitable Giving: Know Where Your Money Is Going
There are certain advanced estate planning tools that enable individuals to satisfy multiple objectives at the same time. One of these is the charitable remainder unitrust or CRUT. Many people would like to leave something behind to charity after they pass away. There are a number of different ways to do this, and you can explore all of your options by setting up a consultation with a good estate planning lawyer. When you speak to an attorney, you will learn about charitable remainder … [Read more...] about A CRUT May Be a Viable Solution
Recently there was talk in financial circles about the "Billionaire Challenge." Two of the wealthiest individuals in the United States, Warren Buffett and Bill Gates, challenged those in the same financial stratosphere to give away at least half of their wealth over the course of their lives. Buffett has pledged to give away most of his fortune, and he has already donated billions to the Bill and Melinda Gates Foundation. While only a precious few individuals have the type of resources that … [Read more...] about Making Charitable Giving a Part of Your Estate Plan