Helping People Across Michigan and Beyond Achieve Their Charitable Goals
As we grow older, our thoughts turn to our legacies. One way to enhance your legacy and help others is to donate some of your assets to charitable organizations. Charitable giving provides obvious benefits to those served by your gift. In addition, charitable donations can provide very real benefits to the giver. For individuals and families of substantial means, charitable giving can help reduce the impact of estate taxes. If you are considering how to help your charitable contributions make the greatest impact, it is useful to enlist an attorney who is skilled in estate planning and taxation. The Law Offices of Jeffrey S. Freeman serves families throughout Southwest Michigan interested in implementing charitable giving strategies.
A Law Firm with a Fundamental Understanding of Tax and Estate Planning
We will work closely with you to develop ways to maximize your legacy while minimizing the impact of estate taxes. For instance, you may want to establish a private foundation. Our law firm will take you through each step. You may want to give to charity in your will. You may want to establish a charitable trust.
Two of the most common types of charitable trusts are the charitable remainder trust (CRT) and the charitable lead trust (CLT). While these trusts serve similar purposes, they are different in a number of crucial respects. A CLT pays a portion of its assets to a charitable organization. These assets can be distributed over the life of the individual who established the trust, or over a number of years. The remaining assets of the trust, or remainder interest, is given to a beneficiary. A CRT works in reverse, meaning the settlor of the trust or other beneficiary receives income from a trust. At the end of a term, or at the end of the settlor's life, the remaining trust assets are distributing to a charity organization. Both of these trusts are irrevocable.
Contact the Estate Planning Lawyers of the Law Offices of Jeffrey S. Freeman
Our lawyers take great pride in helping families realize their charitable goals. Contact our office to discuss your needs. Call 1-866-236-4TAX or e-mail us today.
