Multigenerational wealth planning helps to ensure your family’s wealth, legacy, estate planning issues, and charitable giving strategies are all properly managed.
Estate Planning Strategies
Before you can develop strategies for your estate plan, you’ll need to identify your planning objectives. Ask yourself the following questions:
With these questions answered, we can help you develop tailored strategies that address:
Charitable Giving Strategies
Are you are seeking ways to meet your philanthropic goals while maximizing your tax benefits? If so, we can help. Although there are a variety of charitable giving strategies available that provide both income tax and estate tax benefits, each strategy is unique:
Donor-Advised Funds (DAF) are created and administered by a charitable organization to which donors contribute assets. They have no upfront costs or administrative hassle, and they accept a wide range of assets as contributions.
Pooled Income Funds
Pooled Income Funds (PIF) are created and administered by a charitable organization to which individual donors contribute assets.
The property contributed by the donor is commingled with contributions from all other donors and managed as one large pool of assets. The donor will receive income based on the annual performance of the fund.
Charitable Remainder Trusts
Charitable Remainder Trusts (CRTs) are generally appropriate for a donor who wants to make a charitable gift for the income tax and estate tax benefits and wants to retain an income stream from the assets.
Individuals who benefit most from a charitable remainder trust are comfortable with the significant upfront costs to set up the trust and the ongoing administrative burdens caused by annual trust tax filings.
A private foundation is a legal entity created by an individual or group of individuals for some philanthropic purpose.
When choosing a charitable giving strategy, we can help you balance the advantages and disadvantages of the strategies above and will consult with your legal and tax advisors regarding your unique situation.