Maximize Your Giving With a Customized Solution Made Just for You
For many, the will to give or charitable intent is strong, but the lack of knowledge to carry out effective charity planning can be a limiting factor. Supporting a charity is relatively straightforward, but some processes can maximize the value of your contributions.
With the help of an experienced charitable planning firm, you can simultaneously give philanthropic gifts that benefit your chosen charity and improve your financial health.
Charitable planning is an effort to fulfill your philanthropic goals and obtain the most tax-efficient outcomes for you. However, there is no one-size-fits-all charitable estate planning approach, as your plan will depend on your current income level, tax situation, and financial goals.
Therefore, it helps to have a knowledgeable charitable planning attorney to assist you in hitting your objectives, whatever those may be. The estate and tax attorneys at Wiles Law are honored to help clients give back in ways that make the most significant impact.
There are two general categories for charitable gifts. Lifetime gifts provide an income tax deduction for the year it is given. They also allow you to give an appreciated asset to a non-profit organization without paying capital gains taxes on the appreciation. However, planned gifts encompass situations when a non-profit entity receives the benefits of the gift after the donor passes away.
There are many vehicles for charitable planned giving, including:
Private foundations
Life insurance beneficiaries
Charitable remainder trusts
Charitable gift annuities
Donor-advised funds
IRA and retirement plan beneficiaries
No matter what type of gift you're giving or the vehicle you're planning to use, your intended gifts will not happen as you wished without proper charitable estate planning.
Four Benefits of Charity Planning
Create the Future You Envisioned Through Planned Giving
Create a Legacy
Donors can leave a legacy behind after they pass through charitable planning. It ensures that your values are given and allows you to continue making charitable donations beyond your lifetime. Many donors make planned gifts as testamentary bequests to charities in their wills. For example, life insurance is one of the most prevalent means to leverage charitable giving.
Tax Deductions
Charity planning can be implemented through a trust which creates an income stream that benefits the charity of your choice. This will allow you to maximize tax savings on weekly or monthly donations. There are various ways to defer taxes through charitable giving. To maximize your giving, it's best to consult professionals on which strategies fit best with your financial goals.
Greater Opportunity To Give
People who plan and budget their assets will be able to give more than those who don't. Charity planning gives you more time to research the charities you support and how your gifts change the lives of the beneficiaries. Also, making preparations in advance allows you to see which areas of your financial plan need help. An attorney lets you plan your charitable giving, helping you achieve your philanthropic and financial goals with less hassle.
Help a Cause You Want To Support
Charitable estate planning does give you tax benefits, but there's still no greater feeling than donating to a cause you believe in. You can contribute to any charity as long as it is recognized by section 501(c)(3) of the Internal Revenue Code. If you wish to donate to more than one organization, you may do so. If you've never been partial to a charity, our attorneys can provide options based on your intentions and interests.
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Why Choose Wiles Law To Fulfill Your Charity Planning Needs
Tailored Solutions
A charitable planning attorney from Wiles Law ensures you get the most out of your philanthropic goals. They help you develop your charitable mission and direct focus to your plan. They will work with you to create an action plan to increase your chances of achieving your objectives. We know every case is unique, so we take time to review your goals before making a customized plan for you.
Expert Practitioners
Wiles Law has been providing legal services for more than a decade. Our extensive experience in the industry makes us confident in our ability to provide you with the best plans for your charitable giving needs. With us as your partner, you can rest well knowing that an expert is with you every step of the way. Since our founding, our mission has always been to help individuals and businesses protect their assets and preserve their legacies.
Long-term Guidance
A charitable plan must endure for many years. Therefore, our attorneys provide continuing guidance and ensure that your records, books, and documentation are well-maintained. We know that dealing with finances and taxes can be overwhelming, especially for those with little experience. When you partner with us, you can always expect our team to answer any queries you have.
Transparent Communication
We are always available to accommodate your concerns. Our team will get your questions answered and remain transparent at all times. Keeping in touch with our clients is one of our highest priorities, and we maintain clear communication with all those we have worked with. We solve issues early on to make the planning process as seamless as possible for those concerned.
Attention to Details
When combined with estate planning and tax tools and techniques, the benefits of charitable gifts can be maximized to ensure your donations do more for your charity, your family and your overall tax plan. Our charitable planning attorneys take time to assess and understand your unique situation to help you navigate the complicated waters of planned giving.
Comprehensive Advice
When handling finances, it's always helpful to have professional guidance. Our team can assist in creating gift plans, so you receive significant tax and financial benefits while supporting the cause you believe in. In addition, we determine plans suited to your financial status, family needs and charitable interests. Partner with a reputable charitable planning firm like Wiles Law and contact us today.
