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Plan Your Contributions

Charitable giving techniques are typically used for those who have accumulated wealth that is subject to estate tax at death. Estate tax rates can be as high as 50%, and those who have worked hard to create and accumulate wealth will opt to utilize these techniques to reduce the incurred tax burden. This creates a lasting legacy without necessarily depriving your family from benefiting from your hard work. Charitable planning is also utilized with minimize income taxes (which can exceed 40%), and you can retain full control of your assets.

Charitable planning can also be effective when selling your business. When properly utilized, you can avoid paying income taxes on the sale of your business!

Utilizing a plan enables the donor to direct the use of his or her assets that would otherwise go to the IRS. Your assets can pass to your family, charities, or the IRS, but you must choose two out of the three – and if you don’t, the IRS wins by default.

There are many strategies we can help with, including Charitable Remainder Trusts and Charitable Lead Trusts. Feel free to contact us with any questions or attend a free workshop!

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Charitable Remainder Trusts enable you to

    • Transfer highly appreciated assets
    • Liquidate them with no tax consequence
    • Receive a charitable tax deduction
      against your current income
    • Still receive the benefits from your
      assets for the balance of your life

At death, the remainder goes to
the charity of your choice.

Charitable Lead Trusts

    • Provide income to a charity for a term of years, and at the end of the term, the remainder is paid to your family.
    • A Charitable Lead Trust is primarily a gift-discounting technique that permits you to gift $1 of assets to your family members, and the IRS will view it as less than $1 (typically 30% – 60% less).

This enables you to gift more than
you otherwise would be able to.

Other charitable strategies include

    • Private Family Foundations.
    • Donor Advised Funds.
    • Special Funds as part of a Local Community Foundation.

 

All will work to minimize taxation and create a lasting legacy. Contact Rhodes Law Firm, PC