For those with a philanthropic desire, charitable planning can be an important aspect of an estate plan. There are numerous ways to donate to charities, many of which create a charitable tax deduction. Charitable planning is a great way to give back to the community, reduce income taxes, waive capital taxes on property, or set up future gifts while receiving income during your lifetime.
As part of a comprehensive estate plan, Elliot works with individuals and families to create solutions that support the desired charitable organizations, save on taxes, and provide learning opportunities for children, grandchildren, and other heirs.
Some of the vehicles used for charitable planning include the following:
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Charitable Annuity:
When a donor donates cash or property to a qualified charity in exchange for a partial tax deduction and lifetime stream of annual income from the charity. -
Charitable Remainder Unitrust (CRUT):
When a beneficiary receives a fixed percentage of assets as they are revalued annually. -
Charitable Remainder Annuity Trust (CRAT):
When a beneficiary receives fixed payments of from a trust annually.
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Charitable Lead Trust (CLT):
A trust designed to reduce the beneficiary’s taxable income by first donating a portion of the trust’s income to a specified charity and then after a period of time donating the remainder of the trust to the beneficiary. -
Donor-Advised Fund (DAF):
A philanthropic vehicle administered by a public charity, where the donor makes a charitable contribution, receives an immediate tax benefit, and then retains advisory privileges over how their account is invested.
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Donor-Advised Fund (DAF):
A philanthropic vehicle administered by a public charity, where the donor makes a charitable contribution, receives an immediate tax benefit, and then retains advisory privileges over how their account is invested. -
Private Foundation:
A nonprofit organization created by a single primary donation from an individual or organization. Funds and programs are managed by the foundation’s trustees and directors.
Elliot is aware of the pitfalls that exist when buying and selling businesses and has the knowledge to walk you through the process. Elliot has worked on extremely complex transactions and has the experience necessary to keep you out of trouble while working towards your goals.