After a suitable organization has been picked, we will work to structure tax planning strategies that are tax-efficient and then establish a trust, foundation, or fund. Once the plan has been implemented, we will continue working with you in order to ensure the aforementioned trusts and foundations are administered. Additionally, you can rely on us to advise you on your gift planning goals during and after your lifetime. We specialize in a number of gift planning options, including:
- Charitable lead trust: This irrevocable trust pays a specified sum to a charitable organization for either the life of designated individuals or a term of years. The remaining interest is paid to non-charitable beneficiaries or reverts to the donor once the lead interest is terminated.
- Charitable remainder trust: This is another irrevocable trust arrangement that involves donating money or property to a charity, though the donor gets to continue using the property or receive income while still alive. With a CLT, you can transfer cash or assets to the trust and receive income for life or a period not exceeding 20 years. The CLT is tax-exempt and is written to comply with federal rules and regulations.
- Private foundations: A private foundation is a nonprofit organization that is managed by its own trustees or directors. Although such a foundation is normally set up as a nonprofit corporation with the name of its donors, it can also be established as a trust. During your lifetime, it is possible to make tax-deductible contributions to this private foundation.
- Donor-advised fund: This gives you the chance to create a low-cost vehicle for charitable giving that is easy to establish and is an alternative to a private foundation. If you conduct your grant making through this fund, you will enjoy tax advantages and cost savings.