- April 15, 2024
Charitable Planning Lawyer Ohio
Your Ohio Charitable Planning Lawyer
At Jarvis Law Office, we understand the profound impact that thoughtful charitable planning can have on both your legacy and the causes you hold dear. Our Ohio charitable planning lawyer is dedicated to helping you explore the many benefits of integrating charitable giving into your estate planning strategy.
What Is Charitable Giving?
Charitable gift planning can be a simple process. For example, you can write a check, hand over cash, transfer stock, or sign a quit-claim deed to real estate directly to the charity of your choosing. On the other hand, there are more involved strategies whereby you can give and receive depending on your unique circumstances.
How Do I Make a More Substantial Charitable Gift?
If you intend to make a charitable donation of some size before or after you pass away, you should speak with an estate planning attorney at Jarvis Law Office, P.C., who is experienced with investments, property, tax, and all manner of charitable transfers. Jarvis Law Office, P.C. can ensure that your gift transfer is set up properly — both from estate tax and philanthropic perspectives.
- Planned gifts can provide significant tax benefits and also even lifetime income for you and your family.
- Jarvis Law Office, P.C. will outline charitable giving strategies that align with your values and financial objectives.
- Among the options we’ll explore with you include charitable trusts and charitable gift annuities.
- Many people make planned gifts as testamentary bequests to charities in their wills or revocable living trusts.
- Life insurance is a common means to leverage charitable giving.
What Are the Benefits of Charitable Giving?
Planned gifts provide opportunities to make charitable gifts that may allow you to:
- Provide inheritances for heirs while decreasing their tax liability.
- Reduce your ordinary income taxes and avoid capital gains taxes on appreciated assets through charitable deductions.
- Create a charitable legacy for future generations.
There are many additional benefits to charitable planning beyond this brief overview, so contact your attorney to explore your options.
What Are a Few Ways I Can Give?
A Life Income Gift
This approach provides a future income stream for the charity while also providing a tax deduction and current income payments to you and your family. This gift can be flexible with fixed, variable, or deferred payments.
Bequests and Retirement Plans
You can name your charity as a beneficiary of your will or revocable living trust — or name the charity as a beneficiary of a retirement plan, such as an IRA, 401(k), 403(b), or other retirement fund. This can be a win-win, especially when it comes to retirement plan assets. There are no income or estate taxes on any retirement plan assets left directly to a charity.
Charitable Lead Trusts
This trust can be used to leverage the eventual transfer of appreciating assets to family members in light of current and future estate and gift tax consequences. Essentially, this approach provides immediate support to your charity through fixed payments for a specified period. At the end of the term, the trust will revert to your loved ones by transferring all of its remaining assets to them with reduced or no estate and gift tax burdens.
Retained Life Estate
Giving real estate (e.g., a home or farm) to your charity can generate a current income tax deduction, but you still retain the right to use the property during your lifetime.
Again, these are just a few (of many available) planned giving strategies you can use to make your gift. Charitable giving is a great way to support your favorite non-profit interests. Even better, planned giving can help you make sizeable gifts that can benefit both charity and your family.
Whether you’re looking to reduce taxes, leave a lasting legacy, or align your financial goals with your values, Jarvis Law Office, P.C. can explore these and additional strategies with you, depending on your unique circumstances.
Contact us today to discover how we can help you make a meaningful difference for future generations while achieving your financial objectives.
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- Free Consultation – Discuss your needs during a complimentary consultation with Jarvis Law Office. We can consult virtually, so you don’t have to visit the office.
- High Satisfaction Rate – Our clients have left reviews praising our knowledge, experience, and helpfulness. We have a track record for high-level service and customized solutions.
- Focused Practice Areas – We focus exclusively on the area of elder law.
- Three Convenient Locations – We have offices in Lancaster, St. Clairsville, and Dublin, making it easy to reach clients throughout Central and Southeast Ohio.
- Free Events – Our firm offers free events for Ohio residents. These events cover essential estate planning issues, such as how to pay for long-term care while protecting your assets.
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Frequently Asked Questions
Charitable planning involves integrating charitable gifts into your overall financial and estate planning strategy. A charitable planning lawyer in Ohio can assist you in creating a plan that maximizes the impact of your donations on your chosen charities while optimizing tax benefits and aligning with your estate planning goals.
A charitable remainder trust (CRT) is a type of trust that provides you or other named individuals with a stream of income for a life or a specified period. After the term ends, the remaining assets go to one or more charities. CRTs offer significant tax benefits, including an income tax deduction and potential savings on capital gains taxes.
Yes, incorporating charitable giving into your estate planning can reduce your estate’s tax liability. Donations made to charitable organizations are typically exempt from estate taxes, which can lower the overall tax burden on your estate and increase the assets passed on to your charitable beneficiaries.
A charitable lead trust (CLT) is the opposite of a charitable remainder trust. In a CLT, one or more charities receive an income stream for a set period, after which the remaining assets are transferred to non-charitable beneficiaries, such as family members. This arrangement provides immediate support to charities while offering estate and gift tax deductions.
An experienced estate planning attorney like those at Jarvis Law Office can help integrate charitable giving into your estate plan through various instruments, such as bequests in a will, charitable beneficiary designation through retirement plans or life insurance policies, establishing charitable trusts, or through donor-advised funds. Each method has unique benefits and can be tailored to meet your specific financial goals and charitable intentions.
Donor-advised funds (DAFs) offer flexibility, ease of administration, and tax advantages. You can make a charitable donation to a DAF and immediately receive an income tax deduction, then recommend grants to your favorite charities over time. DAFs are an effective way to manage your charitable giving and involve future generations in philanthropy.
Creating a charitable legacy allows you to extend the impact of your generosity beyond your lifetime, supporting causes you care about for future generations. It also serves as a powerful example for your heirs, encouraging them to continue a tradition of giving. An experienced attorney can guide you in selecting the best strategies to establish a lasting charitable legacy aligned with your values and goals.
Please note that the information provided here is general in nature and should not be considered legal advice. It is recommended to consult with a special needs trust attorney from Jarvis Law Office to obtain personalized advice based on your specific circumstances.
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