Charitable giving techniques are typically used for those who have accumulated wealth that is subject to estate tax after death.  Estate tax rates are as high as 50% and those who have worked hard to create and accumulate assets often opt to utilize charitable giving techniques to minimize taxation while creating a legacy without depriving their family of benefits from your assets. Charitable planning is also utilized to minimize income taxes (up to 40%) and you can retain full control of your assets.

Charitable planning can also be effective when selling a business to reduce or eliminate income taxes on the sale of your business when sold.

Utilizing a charitable giving 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.  If you don’t, the IRS wins by default.

Different Approaches to Charitable Planning

Charitable Remainder Trusts enable you to:

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

Charitable Lead Trusts:

Contact Our Experienced Estate Planning Attorneys Today

Call us today at 248-258-3500 to determine what charitable strategy will work best for you.

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