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Are You Seeking to Incorporate Charitable Giving into Your Estate Plan?

If your estate planning goals include giving a gift to charity, structuring your gift appropriately will ensure that you obtain the maximum tax benefits while also feeling confident that your wealth will end up in the right hands. There are a number of estate planning tools that are specifically designed to maximize the benefits of charitable giving; and, in appropriate circumstances, more-general tools may serve your philanthropic goals as well.

At Woods, Weidenmiller, Michetti & Rudnick, we bring decades of experience to helping Florida residents incorporate charitable giving into their estate plans. Regardless of how general or specific your goals may be, we can offer solutions to meet your needs. We work with clients of all ages and all levels of wealth in Naples and throughout Florida, and we provide personalized representation focused on ensuring that our clients’ final wishes are secure.

Estate Planning Tools for Charitable Giving

When seeking to incorporate charitable giving into your estate plan, there are a number of important factors to consider. From choosing which charity (or charities) to support to ensuring that your charitable gifts do not create conflicts with other components of your estate plan, it is important to make informed decisions with a clear understanding of the financial implications for yourself and your loved ones. Our estate planning attorneys offer comprehensive advice and representation for charitable planning, getting to know our clients personally in order to address issues such as:

  • Charity selection and due diligence
  • Eligibility for income tax deductions
  • Reduction (or elimination) of estate tax liability
  • Source of donated assets
  • Choice of appropriate estate planning tools

While making direct gifts and incorporating charitable giving into wills and other general estate planning documents will make the most sense for some individuals and families, we often recommend that our clients utilize tools that are designed specifically for leaving sizable gifts to charity and using estate assets for philanthropic purposes. Some of these tools include:

Charitable Lead Trusts

A charitable lead trust is a trust that allows you to provide a source of funding for a charitable organization over a period of several years. Income generated by the trust is donated to charity; and, when the “lead” period expires, the trust principal gets distributed to your chosen beneficiaries.

Charitable Remainder Trusts

A charitable remainder trust works in reverse to a charitable lead trust: you (or your chosen beneficiaries) receive an income stream from the trust during your lifetime; and, at death, the trust principle is gifted to the charity (or charities) of your choice.

Private Foundations

A private foundation is a unique estate planning tool that involves establishing a trust or non-profit corporation which is funded with assets from your estate. A private foundation can exist for the sole purpose of supporting one or more other charitable organizations, or it can take on its own philanthropic endeavors.

How Can You Best Incorporate Charitable Giving into Your Estate Plan?

If you would like more information about your options for incorporating charitable giving into your estate plan, we encourage you to contact us for a confidential estate planning consultation. To speak with an attorney at our law offices in Naples, please call (239) 325-4070 or request an appointment online today.



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