Charitable Planning
Lifetime Giving Options
Many of our clients hope to leave an enduring legacy not only for their family, but for their community. We help clients plan their estates to transfer wealth, both during their lifetime and at death, in a way that will promote the values they choose to encourage, while wisely and effectively addressing the needs that prevent people and communities from flourishing. We also help clients to engage their children and grandchildren in the giving process when appropriate, helping to pass on the legacy and the joy of giving to succeeding generations.
Donor-Advised Fund (DAF)
A DAF allows you to make a current tax-deductible charitable contribution, but recommend grants to charities over time. The distribution is then made by the institution sponsoring the fund (Vanguard/Schwab). This allows you to give to charities anonymously if you wish, avoiding subsequent requests for additional support.
Gift Agreement
A gift agreement is a written contract with a charity outlining how your current or future gift will be used. This helps ensure your intentions are honored when you wish to designate specific uses for your donations.
Charitable Remainder Trust Before a Sale of an Appreciated Asset
This strategy lets you transfer appreciated assets to a charitable trust before a sale, generating a current income tax deduction, reducing or eliminating capital gain taxes on the sale, and providing an income stream for yourself and other family members. After the trust term, which can be at the donors death or later, the remaining assets to charities.
"Give and Hold" Strategy (No Impending Sale)
If a business sale is not imminent, you can gift non-cash business interest (i.e., stock) to charities, which decreases both federal and state income taxes for the business. The gift can be held by a donor-advised fund, which would allow interest to grow and provide flexibility for deciding when the accumulated interest is gifted at a later time.
Remainder Interest in Residence with Reserved Life Estate
You can gift your home to charity while living, but retain the right to live in it for life. This provides a current tax benefit, preserves your use of the residence, and ensures the property supports a cause you care about in the future.
Testamentary Giving Options
Bequest in Your Will or Revocable Trust
You can name a charity to receive a specific gift or a percentage of your assets after your death. Bequests are simple to update and allow you to retain full control of your assets during your lifetime.
Charitable Beneficiary of a Retirement Account
Naming a charity as a beneficiary of an IRA or 401(k) can be a tax-efficient way to give. Unlike individuals, charities do not pay income tax on retirement distributions from pre-tax contributions, so your gift can have maximum impact.
Charitable Beneficiary of a Life Insurance Policy
You can name a charity to receive all or a portion of your life insurance proceeds. It is a simple way to leave a legacy without affecting your current lifestyle or income. This can be an especially good option if you have life insurance that was intended to pay estate taxes that will no longer be owed because of incremental exemptions.​