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Charitable Giving

Sunday, August 21, 2016

Creating a Personal Charitable-Giving Plan

What are the steps necessary to creating a charitable giving plan and avoiding pitfalls?

Given the enormous amount Americans gave to charity in 2015 -- $373 billion -- it is no surprise that most Americans believe that foundations and corporations are responsible for most of this charitable spending. The reality, however, is that most of America's charitable giving, approximately 80 percent, comes from individuals. This proves that your generosity, combined with that of your compatriots, makes a substantive difference in the world.

Establishing a Charitable Giving Plan

Working with an experienced estate planning attorney can give you all the tools you need to become a savvy, as well as compassionate, donor.
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Friday, June 26, 2015

Basics of Charitable Giving in a Nevada Estate Plan

Are there special concerns to consider when including a charity in an estate plan? 

 

When it comes to estate planning, charitable giving is virtually a win-win for all involved. For the testator, it can mean significant tax savings if the transfer meets certain criteria. For the charity, it means a welcome boost in capital and an opportunity to advance the mission of the organization. However, this notable endeavor should not be pursued casually, and an experienced Nevada attorney should always be consulted before implementing charitable giving into an estate plan. 

Benefits of testamentary charitable gifts

Any transfer of money into a non-profit, tax-exempt organization will be free from the confines of both estate tax and income tax, making it the perfect component to a well-drafted estate plan. Oftentimes, testators have several charities they hold near and dear to their hearts, and a charitable giving plan can be easily implemented to not only maximize tax savings but provide each recipient with a much-needed donation. 

Options in charitable giving

Making an outright gift to a charity through a Last Will and Testament is one (simplified) way to arrange for the transfer. The funds will be transferred to the charity upon the death of the grantor, and will not be included in the calculation of the decedent’s gross estate. Likewise, the charity will not be subject to any sort of estate tax or income tax on the gift, as it is completely tax-exempt. 

Another option is to donate an Individual Retirement Account to a favorite charity, which is easily accomplished simply by adding the charity as the beneficiary upon the death of the accountholder. The funds will pass outside of the gross estate, will not be subject to any sort of taxation on either end, and will be immediately available to the charity upon the death of donor (i.e., no formal probate process is required). 

Lastly, testators with more elaborate estate planning goals may wish to consider one of the many trust options geared toward charitable giving. A Charitable Remainder Trust (CRT) makes certain inter vivos distributions to individual beneficiaries during the life of the donor (or for a certain term), with the remaining trust corpus earmarked for the charity upon the death of the grantor or expiration of the term. Other options include a Charitable Lead Trust (CLT) or a Pooled Income Fund (PIF), the latter of which is maintained by the charity itself. 

If you are interested in implementing a charitable giving component to your estate plan, please do not hesitate to contact Stone Law Offices in Las Vegas, Nevada right away by calling (877)800-3424. 

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S. Craig Stone II of Stone Law Offices, Ltd. serves clients throughout Clark County, Southern NV, Las Vegas, Henderson, Boulder City, North Las Vegas, Summerlin, Carson City, Reno, Washoe County, and Nye County. Also serving clients with asset protection nationwide.



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