We all have family and financial issues to deal with that often keep us from supporting the organization or charity we would like to see succeed. The right kind of charitable giving tool is an excellent way to provide for your favorite causes, even after you have died.
You Aren’t Always Able To Give All You Want During Your Lifetime
Based in Royal Oak, Michigan, Galloway and Collens, PLLC, lawyers can help you meet your charitable giving goals through a variety of legal and financial tools, including:
- Bequests — Often estate holders have supported a religious congregation or nonprofit charity for many years, but other financial obligations have prevented full financial support. Provisions can be written into a last will and testament or trust to leave any amount of money or property to a particular nonprofit organization. The gift can be a set amount of your estate or a percentage. It can be unrestricted or directed. The gift can create an endowment or be paid to an existing fund.
- Real estate gifts — Many charitable organizations benefit from the gift of real property. Our lawyers can help you determine the fair market value of the property you wish to donate. We can assist you in making gifts during your lifetime or after death.
- Gifts of appreciated stock — Donors who have significant holdings of securities such as stocks and bonds may donate all or a portion of the holdings to designated charities. For tax deduction purposes, the stock donation is calculated against a basis value of the stock, or the stock value at the time of purchase or receipt. This is often an excellent charitable giving option for individuals or families who hold significant stocks with a low basis and a high share value.
- Charitable gift annuities — We can help you carry out your lifetime charitable intent by establishing a charitable gift annuity with your favorite charity. It can provide you with a current charitable income tax deduction for making the gift and then you are guaranteed a locked-in rate of return on the gift you have made.
- Irrevocable charitable remainder trust — A type of trust the donor funds with irrevocably placed assets. During the donor’s lifetime, beneficiaries may benefit from distributions from the trust. Upon the death of the donor, the remaining assets go to the charities established as the final beneficiaries. The trust must be administered by an independent trustee. The IRS allows the donor to take a tax deduction for the year the trust is funded. The tax savings are often used to purchase a life insurance policy to pay beneficiaries upon the death of the estate holder.
Huntington Woods Real Estate Gift Attorneys
Contact us to discuss your charitable giving options with attorney Howard H. Collens. Our offices are in Huntington Woods, Michigan, and we represent individuals and families throughout the Detroit metro area.