Charitable planning is generally used for those who have accumulated wealth that is subject to estate tax after death. The estate tax rates can be as high as 50%, and those who have worked hard to create and accumulate assets often opt to utilize charitable giving techniques to minimize taxation. In doing so, you can create a lasting legacy without depriving your family the benefit of your assets.
Charitable planning is also utilized to minimize income taxes (which can exceed 40%), and you can retain full control of your assets. In addition, it can be effective when selling your business. When properly utilized, you can avoid paying income taxes on the sale of your business when sold.
Utilizing a charitable giving plan enables the donor to direct the use of his or her assets that would otherwise go to the IRS. Your assets can be passed to your family, charities, or the IRS, but you must choose two out of the three. Without creating a charitable giving plan, the IRS wins by default.
Discuss your specific situation by call our estate planning lawyers in Nashville at (615) 933-2435.
There are many ways to do charitable planning, including Charitable Remainder Trusts and Charitable Lead Trusts.
Charitable Remainder Trusts:
Charitable Lead Trusts:
Clients may find that other planning strategies may be better suited to their unique needs. These may include Private Family Foundations, Donor Advised Funds, or Special Funds as part of a Local Community Foundation.
Discuss the options that will work to minimize taxation and create a lasting legacy. Call our Nashville estate planning lawyers and the Gordon Law Group, PLC at (615) 933-2435 to determine which charitable strategy will work best for you.
Our Nashville family lawyers are passionate about achieving results for our clients. We want to help you through whatever you are facing and provide you with the resources and tools necessary to overcome any obstacles you face.
Contact Gordon Law Group at (615) 933-2435 today to schedule an initial consultation.
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