What You Should Know About Charitable Planning in New York

charitable planning new york

If you would like to make a charitable bequest, please read on, then contact an experienced Putnam County estate planning attorney to learn what you should know about charitable planning in New York State.

Why should you consider charitable planning in New York?

Giving to charity is an excellent way to reward the causes and institutions that mean the most to you. When done properly, charitable giving can also ensure the greatest possible portion of your gift goes to the charity rather than the Internal Revenue Service (IRS). In addition, it can provide you with benefits, such as deductions on capital gains, estate and income taxes, as well as create a steady income stream for you, your loved ones and future generations. A skilled estate planning attorney will help you in the most efficient manner possible.

What are some options for charitable planning in New York?

The following are just a few of the ways an estate planning attorney can accomplish your charitable planning:

  • Charitable remainder trust: This is an irrevocable trust that can provide an immediate tax deduction, the waiver of capital gains taxes on contributed assets and a lifetime income stream for survivors. The remainder of the donated assets will go to your charity or charities of choice.
  • Charitable lead trust: This option creates an income stream, for a specified number of years, that benefits the charity of your choice. Any remaining assets in the trust can be passed down to your children without incurring gift or estate taxes.
  • Charitable gift annuity: This is a contract between a donor and a charity with the following terms:
    • As a donor, you make a sizable gift to charity using cash, securities or possibly other assets
    • In return, you become eligible to take a partial tax deduction for your donation, and
    • You receive a fixed stream of income from the charity for the rest of your life
  • Qualified charitable distribution: This is an otherwise taxable distribution from an IRA (other than an ongoing SEP or Simple IRA) owned by an individual who is age 70.5 or over that is paid directly from the IRA to a qualified charity.
  • Donor-advised fund: This option maximizes income tax savings on weekly or monthly donations to your church and other charities.
  • Private foundation: With a private foundation, you can specify and control how the recipients of your generosity use your gift.

If you have any questions about this or any other estate planning matter, you should reach out to Andres D. Gil, Esq. today. Together, you can discuss your options, determine what works best and implement them in clear, unequivocal language. So, please give us a call today.

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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