Are you looking for ways to maximize your charitable giving? A charitable planning strategy can be utilized to help maximize your giving to the philanthropic efforts of your choice while reducing your tax liabilities. Proper charitable planning requires the help of an experienced attorney who has a deep understanding of Nevada estate law as well as both federal and state tax laws.
At Taylor & Leonard Law, we have more than a decade of experience helping clients incorporate charitable planning into their overall financial and estate goals. Through many types of strategies, such as private foundations, charitable trusts, and planned giving techniques, our Las Vegas estate planning lawyers can help you achieve your financial and charitable goals. Call us today at (702) 982-0880 to learn more about your options and let us help you put a comprehensive charitable plan in place.
Why Choose Taylor & Leonard Law?
Not only does charitable giving allow you to help a cause that you deeply care about, but it can also provide a way for you to reduce your taxes and accomplish your overall financial goals. When you want to explore charitable giving – especially if the gift is a substantial amount – you need an experienced attorney who knows how to properly structure the gift for maximum impact. Clients choose Taylor & Leonard Law to help with their charitable planning because:
- Our team has extensive experience with helping clients include charitable giving in their overall financial and estate plans
- We will take the time to work with you and understand your goals and desires
- You will always get direct access to your attorney without going through layers of assistants
At Taylor & Leonard Law, we can help you implement a comprehensive charitable plan that accomplishes your goals. While charitable planning is often addressed as part of an overall estate plan, we can also help you maximize the impact and tax advantages of gifts made during your lifetime. Call us today to let us learn more about your goals and help you put a plan in place to achieve them.
How a Las Vegas Charitable Planning Attorney Can Help
If you are planning on giving financial gifts or other assets to charity, why not do so in a way that provides tax advantages and other perks? With proper charitable planning, you can use the laws surrounding charitable giving to your advantage. A charitable planning attorney can:
- Offer you sound legal guidance on selecting tax-advantaged giving strategies
- Review your overall financial situation to determine the best strategies for you
- Develop a tailored plan to help you minimize the amount of taxes that you or your estate will owe
- Research charities to help you select ones that align with your beliefs and values
- Create all necessary legal entities, such as charitable trusts, required to accomplish your plans
An experienced Las Vegas charitable planning attorney can act as your trusted counsel to help you through both the legal and financial complexities associated with making large charitable gifts. At Taylor & Leonard Law, we can help ensure that your gifts make a lasting and meaningful impact on the organizations that you choose.
What Is Charitable Giving?
Charitable giving is the process of giving cash or other assets to a charity or non-profit organization. Charitable gifts are commonly in the form of cash, although they can also include:
- Vehicles
- Jewelry
- Real property
- Household items
- Stocks
- Artwork or other valuables
It is important to understand that charitable giving does not involve getting anything in return. It is a gift given to the charity to help them support their mission. Although you do not get anything in return, you can still receive some benefits for your gift. Charitable gifts may be eligible for some tax exemptions, so these gifts can help lower your tax bill.
Common Charitable Planning Strategies
There are many ways you may structure your charitable gifts to get the most value from them and allow them to have the most impact. The strategy that you select will depend on your specific financial situation and goals. Some common strategies used for charitable planning include:
- Charitable Lead Trust: This is a special type of irrevocable trust that allows a donor to create a trust with the charity as beneficiary. The trust exists for a certain period of time, and the charity receives payments during the life of the trust. When the trust ends, the balance may be passed to family members or other beneficiaries.
- Charitable Remainder Trust: This type of trust is the opposite of a charitable lead trust. A charitable remainder trust allows you to pay income to family members or other beneficiaries for the life of the trust. At the end of the trust, the remainder of the assets in the trust will go to the charity specified in the trust documents.
- Qualified Charitable Distributions: This strategy can be an option for those who are age 70½ or older, and it allows you to make distributions directly from your IRA to a qualified charity.
- Charitable Bequests in a Will: A common strategy used by many individuals, you use your will to pass money or other assets to a charity during the administration of your estate. Although effective, this strategy might not provide the biggest tax advantages.
- Private Foundation: Private foundations may be the most complex charitable planning strategy, although they provide a way to leave a long-term legacy. Foundations can provide many tax benefits, and a private foundation can exist in perpetuity.
If you need help deciding which structure is right for your situation, call the experienced team at Taylor & Leonard Law to let us help.
Speak to a Las Vegas Charitable Planning Attorney Today
If you have made the decision to engage in charitable giving, contact the team at Taylor & Leonard Law today. Let us help you put the right strategy and planning in place to ensure that you are getting the biggest benefit from the gifts you intend to make. Reach out today to schedule a free consultation with a Las Vegas charitable planning attorney who is ready to get started helping you.