Donation Planning and Taxation
Charitable contributions are a way to reduce your tax obligation while supporting organizations you believe in and care about. The tax and estate planning attorneys of The Law Offices of Hugh Janow, LLC, can help you plan your charitable contributions in a manner that maximizes the benefit to you.
For the Charitably Inclined
Charitable giving only makes sense for people who have a true desire to support charitable causes. No matter how high your tax bracket, no one is taxed at 100 percent. For people with charitable inclinations, charitable giving can provide a significant tax deduction, reduce estate taxes, eliminate capital gains, and benefit a worthy non-profit organization.
There are many ways accomplish your charitable contribution goals. Our lawyers will analyze your circumstances and develop a plan that makes sense for you. Two tools we may consider are charitable remainder trusts and charitable lead trusts.
- In a charitable remainder trust, you transfer assets to a trust and receive an income stream of at least five percent of the trust's assets each year during your lifetime. After your death, the charitable organization receives the remainder of the trust.
- In a charitable lead trust, the charitable organization receives income during your lifetime and your heirs receive the balance of the trust after your death. This is often an effective tool for deferring the receipt of income or principal to children who do not need it currently.
Contact The Law Offices of Hugh Janow, LLC, Today
To discuss how charitable contributions fit into your estate plan, contact the tax and estate planning lawyers at The Law Offices of Hugh Janow, LLC, in Pearl River, New York. Call 845-735-8385 to arrange an appointment.
