Morris Law Group


Why should I consider charitable giving as part of my estate?

On larger estates with significant potential estate tax liabilities, estates can receive a full deduction for any charitable bequests. When making charitable contributions during life, one benefits from receiving an income tax deduction as well. Various estate planning strategies including the usage of Charitable Lead Annuity Trusts and Charitable Remainder Trusts are significant vehicles for philanthropic giving while simultaneously providing effective wealth transfer and valuable deductions. When factoring in the income and estate tax impact ingrained in certain assets, making contributions or bequests to charity ultimately does not actually result in a large out of pocket loss for the donor.

Asides for valuable tax savings strategies, charitable giving and philanthropy is a way to leave a lasting legacy that can and will create value for years to come. By gifting during life or leaving bequests to charities, one can ensure that his good name and message will not be forgotten when he passes and the world has moved on. When structured appropriately, clients can ensure that generations can benefit from their vision and ensure that the causes and charities they felt passionately about during life can continue their sacred missions and inspire the next generation.

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