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Planned giving as part of an estate plan

Nevada residents who want to reduce the financial burden on their loved ones after their death may want to consider gifting some of their assets. Planned giving can be included in an estate plan and can provide advantages for the donor and the beneficiaries.

Planned gifting can be used to reduce taxes in the future and in the present. Charitable remainder trusts, IRA charitable rollovers and charitable gift annuities provide the donors with various tax advantages, including tax deductions. When the beneficiaries receive the assets after the donor dies, they will also have a reduced tax liability.

With legal documentation in place, individuals can have the assurance that their assets will be treated according to their preferences after they die. Also, there will be no uncertainty among their heirs about how the assets are to be allocated. Because they will know how their planned gifts will affect all of the parties involved, individuals can tailor their gifts so that all parties will be able to benefit from the assets, and the individuals themselves will remain financially solvent for the rest of their lives.

Another advantage of planned gifting is that individuals will be able to leave behind a legacy of charitable giving. Donors can use a planned gift to provide assistance to their community even after they have died. Planned gifting can also establish a practice of charity in the donor's family.

People who are interested in this type of a program may want to discuss their goals with an estate planning attorney. Legal counsel can describe the various types of tools that are available to carry out the client's goals.

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