Your charitable goals are an important part of your legacy and they don’t have to be limited to after you pass away. Our estate professionals provide planned giving services that can help you:

  • Identify which assets should be part of your giving
  • Select the best charities
  • Structure tax-efficient charitable gift strategies
  • Establish a trust, private foundation or donor-advised fund
  • Manage your foundations, trusts or funds

Charitable Remainder Trust

A charitable remainder trust (CRT) is an irrevocable trust arrangement where property or money is donated to a charity, but you (the donor) continue to use the property, or receive income, while you’re alive. You are able to transfer cash or assets to the trust and then receive income for life or for a certain number of years, not exceeding 20 years. The charitable remainder trust is written to comply with federal tax laws and regulations and is tax-exempt.

Charitable Lead Trust

A charitable lead trust (CLT) is an irrevocable trust that pays a specified amount (at least annually) to a charitable organization for a certain number of years or for the life of designated individuals. The remainder interest either reverts to you (the donor) or is paid to one or more non-charitable beneficiaries when the lead interest is terminated.

Private Foundations

A private foundation is typically set up as a nonprofit corporation that bears the name of its donors, but it could also be established as a trust. Some private foundations are informally called family foundations because their funds come from members of a single family. As the donor, you decide the charitable purpose of the foundation, for example:

  • Grants for cancer research
  • Scholarships for the needy
  • Support of religious goals

During your lifetime, you may continue your charitable giving by making tax deductible contributions to the foundation. The foundation may also be funded with a bequest from your will or trust, or receive funds as the primary or secondary beneficiary of a qualified plan or IRA.

Donor-Advised Funds

A donor-advised fund is an alternative to direct giving or creating a private foundation. The benefits of doing your charitable giving through the fund include:

  • Easy to establish
  • Flexible
  • Cost savings
  • Tax advantages
  • Administrative convenience

Since you receive the maximum tax deduction at the time of the gift, the foundation administering the fund gains full control over the contribution, granting you advisory status. The foundation is not legally bound to you, but makes grants to other public charities upon your recommendation.

Questions our charitable gift planning services? Fill out the form to the left to contact Pamela Wheeler.