CHARITABLE PLANNING

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When it comes to estate planning and charitable gifts, it’s important to know your various options. The Davidson Law Group can help with your charitable planning.

There are many ways to grant a charitable gift. The typical methods are giving a cash gift or writing a check. However, based on your unique situation, there are strategies you can follow when making a charitable donation that allow you to receive something in return.

CHARITABLE PLANNING

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When it comes to estate planning and charitable gifts, it’s important to know your various options. The Davidson Law Group can help with your charitable planning.

There are many ways to grant a charitable gift. The typical methods are giving a cash gift or writing a check. However, based on your unique situation, there are strategies you can follow when making a charitable donation that allow you to receive something in return.

Leaving a Sizable Gift

If you plan on making a large charitable gift before or after you pass away, it would be a good idea to speak with an estate planning lawyer from the Davidson Law Group because there are many tax and legal repercussions when giving to charity. An estate planning lawyer can make sure your donation is handled properly and gets to where it needs to go.

If you are making an estate plan, a planned charitable gift can grant you quite a few benefits like potential lifetime income and tax benefits. Charitable gifts allow you to contribute to society in a way that aligns with your values as well as help you with your financial aspirations. Charitable trusts, gift annuities, and life insurance are all common methods to leverage your donations, and these tools can be explained further by a charitable planning attorney at the Davidson Law Group.

| Benefits of Charitable Giving

There are a number of great benefits that are gained from planning charitable gifts, and a few are listed below:

  • Lowering taxes on ordinary income through charitable deductions;
  • Avoiding capital gains taxes on appreciated assets;
  • Creating a charitable legacy for generations to come;
  • Providing an inheritance for heirs with decreased tax liabilities.

These benefits and many more can be discussed in further detail with your estate planning attorney at the Davidson Law Group during your free consultation.

What are Some Options?

| Retirement Plan Contribution

Naming a charity as the beneficiary of your retirement plan (IRA, 401K, 403B) can leave them with a gift unaffected by income or estate taxes.

| Retained Life Estate

You can receive tax breaks on your current income if you name a charity to receive your real estate upon your passing. Under a retained life estate plan, you will still be able to retain full use the property until you pass away.

| Life Income Gifts

This method allows for you to have a current income source for you and your family but also give a future income source for the charity of your choice while also giving you a tax deduction.  There are multiple ways of paying into this gift (deferred, variable, or fixed).

| Lead Trusts

This is a method by which you provide income to your charity during your lifetime through fixed payments for a defined span of time, and then, upon your passing the remaining assets will transfer to your beneficiaries with little to no estate or gift taxes.

USE an estate planning attorney from the davidson law group

The Davidson Law Group has estate planning lawyers ready to help you with any estate planning services that you may need. We can work out strategies for giving to charity that work best for you. For more information just give us a call or view our website.