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Skilled New York Lawyers Assisting Clients with Charitable Contributions

Few things offer as much fulfillment as giving to a worthy cause. Including donations to charitable organizations in your succession planning can require careful preparation in order to make the most of your contributions.

Maurice Kassimir & Associates, P.C., provide assistance to clients who wish to leave part or all of their wealth to charity:

  • Donating Outright - A client can make outright donations of assets to a charity during their life or after their death. They can also take advantage of income and estate tax savings.
  • Designation as a Beneficiary - Naming a charity the beneficiary on a life insurance policy allows clients to include the policy's value in their estate. More favorable tax advantages may be possible by also naming the charity as a policy owner.
  • Charitable Lead Trusts - Also called charitable income trusts, this irrevocable trust allows a designated charity to receive interest income, while the remainder returns to the client or their designated beneficiary.
  • Charitable Remainder Trusts - This trust allows individuals to benefit from the trust by receiving an annuity during their lifetimes, and to transfer trust assets to a charity after the death of the surviving spouse.
  • Private Foundations - Clients can set up their own charitable foundation that qualifies as a charitable organization under Section 501(c)(3) of the Internal Revenue Code. They receive a full income tax deduction for the fair value of assets contributed to the foundation. Timing gifts during high income tax years offers even greater saving advantages.
  • Donor Advisor Funds - Contributions can be made to this type of foundation which will administer the donations for a fee. Although clients lose some control over management of the funds, they save the headaches associated with running a foundation.

Charitable Giving

Contributing to a charity can help a worthy cause and serve non-monetary family interests as well. For example:

An elderly client's spouse died of lung cancer and they wished to donate a portion of their wealth to cancer research. They also wanted to actively engage their children in charitable giving. Maurice Kassimir & Associates, P.C. discovered the client had about $2 million in an IRA account that would have been subject to taxation at approximately 80 percent upon death. We helped the client place the IRA money into a private foundation exempt from income or estate taxes, created for the benefit of the American Cancer Society. The client was able to optimize the impact of their donation and create a vehicle for charitable giving by their children in the fight against cancer.

Whether it involves a straight donation or contributions to a charitable remainder trust, the skilled attorneys at Maurice Kassimir & Associates, P.C., take pride in helping clients make thoughtful, informed wealth transfer decisions.

Contact Maurice Kassimir & Associates, P.C., for advice from a charitable planning lawyer tailored to your estate planning goals.

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