Help With Charitable Planning In California
It is possible to donate to charities while helping your family avoid estate taxes. The attorney at the Law Offices of Gerald L. Kane is here to help you with charitable trust planning.
Give To Others And Your Family
You can establish your foundation during your lifetime, or it can be set up after you die. A small percentage of the trust’s assets would be distributed to charity each year. You can name whomever you wish to run the foundation, including your children, and the foundation can pay them a reasonable salary. You can be very specific about which charities you want to support or you can leave that up to the trustees of the foundation, in accordance with IRS guidelines.
Attorney Gerald L. Kane can tell you much more about charitable trust planning during a complimentary, no-obligation initial consultation at his Encino law offices. He has served Los Angeles County and the San Fernando Valley with quality estate planning representation for more than 20 years.
Your Foundation’s Tax Benefits
As a knowledgeable estate planning lawyer will tell you, the tax benefits of setting up your own foundation can be substantial. For one, you’ll be able to save on estate, capital gains, and income taxes.
Plus, the assets you give to the foundation will be removed from your taxable estate. If you give your entire estate to the foundation or the entire amount over the estate tax exemption, your estate will pay no estate taxes.
A third advantage is that there will be no capital gains tax when the assets are sold by the foundation. It’s a great situation for appreciated assets.
Finally, if you donate publicly traded securities to a private foundation, you can receive a charitable income tax deduction for their full fair market value, up to 30% of your adjusted gross income. The deduction is less than the 50% limit for standard charitable contributions because this is a private charitable foundation.
How Charitable Planning Supports A Complete Estate Plan
Charitable planning can do more than direct money to a cause you value. It can work with your will, trust, beneficiary designations and other estate planning documents so your giving plan supports your broader goals. You may want to provide for loved ones, reduce the size of a taxable estate, support a community organization or create a lasting family legacy. The right plan will depend on what you own, whom you want to protect and how much control you want.
That is why charitable planning should not be treated as a last-minute instruction. It should fit into your estate plan. Mr. Kane can help you consider how charitable gifts may affect your family, your taxes and the way assets will be managed.
Charitable Giving Options Beyond Private Foundations
A private foundation is one option, but it is not the only way to give. Some people may benefit from a charitable remainder trust, which can provide income to selected beneficiaries before the remaining assets pass to charity. Others may consider a charitable lead trust, where the charity receives support first, and the remaining assets may later pass to family members.
Depending on your goals, you may also consider a donor-advised fund, charitable gift annuity, or direct charitable bequest in a will or trust. Each option offers a different balance of control, tax planning, income potential and responsibility. Mr. Kane can explain these choices so you can decide which approach may fit your priorities.
When Should You Consider Charitable Planning?
You may want to consider charitable planning when your financial life changes. This could happen after acquiring significant assets, selling a business, receiving an inheritance, retiring or reviewing an estate plan that no longer reflects your wishes.
Charitable planning may also be appropriate if you want to make giving part of your family’s long-term values. By addressing these goals early, you can make thoughtful decisions and avoid leaving loved ones with unclear instructions. A careful plan can help you support causes that matter to you while keeping your family’s future at the center.
Plan Your Family’s Future Today
Don’t put off that necessary estate planning conversation any longer, especially when it pertains to charitable planning. As a caring and experienced attorney, Mr. Kane can help you and your family just as he has assisted so many satisfied clients throughout Encino and Los Angeles County for more than 20 years.
Contact the Law Offices of Gerald L. Kane at 818-905-6088 to arrange your no-obligation initial consultation. You’ll be glad you did, and your family will thank you for many years to come. Mr. Kane looks forward to meeting you and helping you with an estate plan you can be proud of.