Skilled New York
Lawyers Assisting
Clients with
Charitable
Contributions
Few things offer as
much fulfillment as
giving to a worthy
cause. Including
donations to
charitable
organizations in
your
succession planning
can require careful
preparation in order
to make the most of
your contributions.
Maurice Kassimir &
Associates, P.C.,
provide assistance
to clients who wish
to leave part or all
of their wealth to
charity:
-
Donating
Outright
- A client
can make
outright
donations of
assets to a
charity
during their
life or
after their
death. They
can also
take
advantage of
income and
estate tax
savings.
-
Designation
as a
Beneficiary
- Naming a
charity the
beneficiary
on a life
insurance
policy
allows
clients to
include the
policy's
value in
their
estate. More
favorable
tax
advantages
may be
possible by
also naming
the charity
as a policy
owner.
-
Charitable
Lead Trusts
- Also
called
charitable
income
trusts, this
irrevocable
trust allows
a designated
charity to
receive
interest
income,
while the
remainder
returns to
the client
or their
designated
beneficiary.
-
Charitable
Remainder
Trusts
- This trust
allows
individuals
to benefit
from the
trust by
receiving an
annuity
during their
lifetimes,
and to
transfer
trust assets
to a charity
after the
death of the
surviving
spouse.
-
Private
Foundations
- Clients
can set up
their own
charitable
foundation
that
qualifies as
a charitable
organization
under
Section
501(c)(3) of
the Internal
Revenue
Code. They
receive a
full income
tax
deduction
for the fair
value of
assets
contributed
to the
foundation.
Timing gifts
during high
income tax
years offers
even greater
saving
advantages.
-
Donor
Advisor
Funds
-
Contributions
can be made
to this type
of
foundation
which will
administer
the
donations
for a fee.
Although
clients lose
some control
over
management
of the
funds, they
save the
headaches
associated
with running
a
foundation.
Charitable Giving
Contributing to a
charity can help a
worthy cause and
serve non-monetary
family interests as
well. For example:
An elderly client's
spouse died of lung
cancer and they
wished to donate a
portion of their
wealth to cancer
research. They also
wanted to actively
engage their
children in
charitable giving.
Maurice Kassimir &
Associates, P.C.
discovered the
client had about $2
million in an IRA
account that would
have been subject to
taxation at
approximately 80
percent upon death.
We helped the client
place the IRA money
into a private
foundation exempt
from income or
estate taxes,
created for the
benefit of the
American Cancer
Society. The client
was able to optimize
the impact of their
donation and create
a vehicle for
charitable giving by
their children in
the fight against
cancer.
Whether it involves
a straight donation
or contributions to
a charitable
remainder trust, the
skilled attorneys at
Maurice Kassimir &
Associates, P.C.,
take pride in
helping clients make
thoughtful, informed
wealth transfer decisions.
Contact Maurice
Kassimir &
Associates, P.C.,
for advice from a
charitable planning
lawyer tailored to
your estate planning
goals. |
