Many people in the past made decisions about their charitable giving, not just because they were motivated by philanthropy but also because they received tax benefits for making charitable donations. Charity can help you to meet your personal goals regardless of tax benefits and now might be a good time to update your estate planning lawyer if you have questions. 

In most cases, the non-tax benefits of charitable giving are more important when it comes to planning and motivating donations. Most donors will receive very little, if any, tax benefits from donations after the implementation of Tax Cuts and Jobs Act of 2017.

But non-tax motives can still remain top of mind for you. Remember that charitable giving can take numerous different forms and there are great ways to add charity to a number of different types of estate and financial plans. Your existing charitable giving approach might need to be reevaluated to provide for important personal benefits. Charitable giving can include naming charity for bequests or gifts that could be deferred or might not occur. If events happen such that your primary goals are no longer possible, it’s good to have this flexibility built into your financial plan. For those charitably inclined couples who do not have children, a good spin on the typical scheme focused on tax benefits can enable charitable benefits and taking care of each other. On the death of the second spouse, all of the wealth could be transferred to a charity with which both were actively involved. An estate planning attorney is the first person you should talk to about whether or not the plans you currently have will indeed work for the goals that you have on tap and how things will look in the future.

A family that has amassed a significant amount of wealth will have special planning considerations that should be addressed directly by an estate planning attorney. When contemplating a major charitable gift, you have several different options at your disposal including charitable trust, private family foundations, and donor advised funds. These are all unique and should be discussed in full with your estate planning lawyer. Most families with wealth have plans to gift to charity over the course of their life as well as within their estate, and this notable goal helps to empower a broad range of charitable organizations for years to come. With giving in this manner, a person or a family can establish a clear legacy for the future. 

A charitable trust is one of the most common ways to manage charitable giving over the course of time. This allows you to utilize a charitable deduction currently while making a large one time gift to charity. You can also receive income payments from that property over a period of years or designate another person to receive them. Having a plan helps to minimize tax consequences as well as to maximize what’s given to the charity. Working together with an estate planning lawyer, you can accomplish several goals at the same time.

A private family foundation, however, allows donors to make a one-time substantial gift as well as to stay involved in how that gift is ultimately distributed. You can even name family members to serve on the board of trustees or board of directors. Finally, one other option is donor advice funds. This operates much like a traditional investment account and allows a financial manager to charge a fee and a minimum required initial distribution. Talking over your options with a knowledgeable estate planning lawyer is the first step in accomplishing your estate planning goals and outlining a plan to address your philanthropic considerations and achievements.

Being an art collector can be a hobby that you work on over the course of your life. Many art collectors discover, however, that their children may not be interested in the valuable collection that has been amassed. This presents the unique quandary when it comes to estate planning for the art collector. As with any other major type of collection, advanced planning can be extremely beneficial because it gives you the most opportunities to determine the best way to pass on your assets. Gifting to charity or museums are common things that an art collector might consider, but having this documented years in advance will give you a clear perspective over how this impacts your state and benefits others. 

Consulting with an estate planning lawyer is strongly recommended if you have a large art collection. Special considerations must be applied to any large collection of materials particularly art which may have amassed a great deal of value over a long period of time. Considering the current capital gains environment, talking to a lawyer who is experienced in helping you determine a plan for passing on these materials is strongly recommended. This gives you the greatest peace of mind and the clearest plan about which museums or other organizations can benefit significantly from your donation and how this impacts your own tax implications as well.

Any other special collections you need to include in your estate planning? Schedule a consultation with an experienced estate planning lawyer as soon as possible to discuss the benefits of thinking well in advance about your planning opportunities. Your art likely holds a special place in your heart and thinking carefully about the best way to manage it going forward gives you more opportunities to approach your planning with an open mind.

When many people approach the subject of estate planning, it’s quite possible that they will have multiple goals. First of all, they may want to articulate plans for their own belongings when they pass away. Others might want to ensure that their specific wishes related to end-of-life care are clearly outlined in legal documents to address potential concerns with family members who may argue over intentions. Still others may want to incorporate planning giving, or making charitable gifts to others, into their overall planning structure. All of these are worthwhile goals and it’s also possible for them to work hand in hand. Your lawyer should help you create a comprehensive plan. 

The concept of planned giving usually should come up in any conversation with an experienced estate planning attorney. This is particularly true when the estate owner was very charitable or philanthropic in their life. Estate planning and planned giving are becoming increasingly intertwined as individuals think about the legacy they wish to leave behind. The relationship between estate planning and planned gifts is a deeply connected one.

Working together they can provide a stable method for passing on to those with significant needs after the creator passes away. Individuals who are putting together their estate may wish to leave a portion of their state to something they care about. This may be in conjunction with any planned gifts that are made over the creator’s lifetime. A posthumous gift to a charity can help to generate a legacy of philanthropy and also hep to support an individual’s personalized wishes. Consulting with an experienced estate planning attorney about all of the options available and strategies that can be used in order to combine estate planning with planned giving is strongly recommended.

If you’re thinking about giving some of your assets to charity and want to use the estate planning process to do so, you are not alone. Many individuals, regardless of their net worth, understand the value of giving back.

Charitable giving benefits go well beyond planning for taxes. This is also a way to support your personal beliefs and values and to ensure your legacy. Although no two individuals are the same and you should certainly consult directly with an estate planning attorney about your options, you need to realize that you do have some flexibility with what to give. Giving a check no matter how big the check is might not actually be the best way to assist you or the charity.

From the perspective of taxes, the type of asset or property you give could have different consequences. You could be limited in the amount of cash you can actually gift to a charity while still getting a tax break. Sometimes people will choose to instead give appreciated public securities. Consulting with a knowledgeable estate planning lawyer in your state is the best way to determine how to translate your unique wishes and desires.