Private Foundations for Beginners
Private foundations provide flexibility for charitable legacy planning, which may make them an appealing option for those able to cover the initial and maintenance costs. High-net-worth and ultra-high-net-worth individuals interested in building their charitable legacy have an advantage in some respects, but they may also face some unique challenges, such as higher taxes and expectations […]
A Charitable Lead Trust Two-For-One
A Charitable Lead Trust (CLT) can help you meet multiple legacy goals while also limiting your tax burden, but is it right for you? For high-net-worth folks with strong inheritance goals and strong charitable goals, one of the biggest estate planning challenges is transferring assets to heirs with as little transfer tax as possible. One […]
Minimizing Exposure to the Estate Tax
The estate tax diminishes the amount you could put towards your legacy planning goals. Thankfully, strategies exist to minimize your exposure. Every dollar of wealth surplus not paid to the IRS is one more dollar that can be used for legacy giving. Keeping that in mind, a major goal of financial planning (and especially estate […]
Complements and Alternatives to Charitable Remainder Trusts
If you like the idea of a Charitable Remainder Trust (CRT) but have some reservations, an ILIT, CGA, or pooled income fund are alternatives. A Charitable Remainder Trust (CRT) is a potentially terrific tool for those of us with strong charitable legacy goals, but charitable legacy planning must be tailored to fit the needs of […]
A Donor Advised Fund Makes the Most of Your Charitable Giving
charitableThe flexibility and tax advantages of a donor advised fund make them a great option for those interested in building a charitable legacy. I’ve previously written about the potential benefits of donating appreciated securities instead of cash (you can claim a charitable tax deduction while also avoiding owing capital gains tax on the securities you […]
Creating a Charitable Legacy While Ensuring Lifetime Income
For those who prioritize a charitable legacy but also seek to minimize longevity risk, Charitable Remainder Trusts (CRTs) may be the answer. Those of us with strong charitable legacy goals often must balance our charitable desires with our need to account for longevity risk (i.e., the risk of outliving our assets’ ability to support us). […]
Basic Estate Planning And Your Financial Legacy
Basic estate planning can serve as a tool to help you reach your financial legacy goals, both charitable and inheritance – here’s how. Breaking financial legacy planning into smaller categories makes the incredibly complex process a bit more manageable, but it’s also helpful to remember that no aspect of your finances is siloed. If creating […]