Charitable Planning

A commitment to charitable giving is an important part of the lives of many of our clients. For our multi-generation family clients, in particular, charitable giving can be a primary family value and a tie that binds family members together and creates a lasting legacy.

Careful planning and adherence to often complex tax laws are necessary to obtain the tax benefits of charitable transfers. We regularly counsel donors regarding charitable contributions, including substantiation of charitable gifts and valuation. We work with clients donating appreciated property, non-marketable assets, real estate (including environmental issues), donating to donor-advised funds, making pledges, establishing charitable gift annuities, and devising bequests. We also have substantial experience with gifts establishing endowment funds or which provide naming opportunities.

Charitable split-interest trusts (including charitable remainder and charitable lead trusts), can provide unique benefits as part of a client’s charitable giving plan. These trusts combine a charitable commitment with the retention of financial interest for one’s self or one’s family. Charitable remainder trusts can provide significant tax benefits when funded with low basis assets, such as stock, artwork, or collectibles. Charitable lead trusts can provide a variety of benefits, such as the tax-efficient funding of an ongoing charitable commitment or placing a cap on the taxable value of an estate. We also have extensive experience with early termination of charitable remainder trusts.

Charitable giving often is an integral part of estate planning for business owners or clients who have held non-marketable assets for many decades and have minimal tax basis in the assets. We have considerable experience with the complex income tax rules that apply when business interests are transferred to a charitable entity before sale of the business. We also advise clients on the redemption of stock from charitable estates.