Nothing feels as good as giving back. But in order to have control over where your donations are given as you pass away, you need legal counsel in charitable planning.
In May of this year, the Eagle newspaper reported that three brothers who hail from San Antonio, TX kicked off a cross-country bike journey. The “Brothers Bike” excursion will hopefully raise $500,000 for two charities they helped build.
These philanthropic men will likely want to make charitable giving a central component of their estate and provide donations not only in the present but also after they pass away. To fulfill this dream, they will want to consult legal counsel on charitable planning.
In the eyes of the law, charitable contributions are gifts made to organizations that have obtained non-profit 501(c)(3) tax status, such as educational institutions, religious organizations, government entities, and other charities.
It is not always a monetary donation that counts. A charitable contribution is anything that may be of value to a qualified charitable organization such as clothing, household items, cars, real estate, securities and other assets.
To claim the charitable contribution tax deduction, you must be in compliance with federal and state laws and regulations. These are a key component of estate planning and can help avoid high taxation at the time a person passes away.
Many of our clients at Voeller Law Firm in San Antonio profit from our expertise on how to manage tax liability and charitable gifts to benefit their estate.
Creating trusts to benefit charities can be a valuable tool. Typically, charitable trusts are established as part of an estate plan to lower or avoid estate and gift taxes.
“Our attorneys are dedicated to honoring the role that nonprofit organizations play in our city,” states David Voeller. “We have 35 years of experience helping families plan for their futures, strengthening our communities and safeguarding their assets.”
If you are passionate about charitable trusts and contributions and want to learn more about how they can help protect your assets, contact Voeller Law Firm. We will help you with your estate planning, define your charitable objectives and advise you on how to distribute some of your estate to a charity to minimize taxes while you support your favorite causes.
Call us today to schedule a free consultation at (210) 651-3851 or log onto http://www.voellerlaw.com to learn more.