Assisting Charitable Causes
The Federal estate tax is always looming over the horizon and it can have an enormous
impact on your family members after you pass away. Depending on the total value of
your assets and the amount of the estate tax exclusion you may have to take steps to
intelligently reduce the taxable value of your estate.
Making donations to charitable causes can achieve the above, and of course you gain the
added intangible reward that goes along with an act of giving.
If you decide to engage in acts of philanthropy you have to determine which vehicle of
charitable giving you will be utilizing. We have all heard of charitable family
foundations such as the Bill and Melinda Gates Foundation, but private family
foundations are expensive to create and costly to operate.
An option that you may want to consider would be to make contributions into a donor
advised fund. These funds already have the infrastructure in place and they assist many
different donors so the overhead involved to you as a contributor is relatively minimal.
Making a donation into a donor advised fund removes those assets from your estate for
estate tax purposes. You also get a charitable deduction for the year during which the
donation was made. And, contributions of appreciated securities are not subject to
capital gains taxation.
If you are interested in exploring your options with regard to charitable giving vehicles,
don't hesitate to pick up the phone to arrange for a consultation with a good San
Bernardino estate planning lawyer.
Experienced estate planning attorneys Redlands CA of the Elder and Disability Law
Firm offers estate planning and business planning resources to residents of Redlands
CA. To learn more about these free resources, please visit www.san-bernardino-elder-