New York City Charitable Remainder Trust Lawyers
Supporting Your Charitable Giving Now While Leaving a Legacy for the Future
There are several estate planning tools that allow you to give assets from your estate to charity: from a bequest in a simple will to creating a charitable trust or foundation that continues to support your giving interests far into the future. The estate planning attorneys at GREENFIELD STEIN & SENIOR, LLP, can assist you in reaching your charitable goals through planned giving.
Contact our midtown Manhattan law office to schedule a consultation. We can give you up-to-date advice on the options available to help you reach your charitable goals.
Charitable Remainder Trusts
A charitable remainder trust makes annual payments to an individual or a family for an individual's life or a number of years, after which the trust assets will pass directly to charity. The creator of the trust receives an income tax deduction for the value of assets that eventually will pass to charity. The trust also enjoys certain income tax advantages, preventing the erosion of value in the trust.
Who should consider a charitable remainder trust? Individuals and married couples who truly desire to benefit charity, especially those who have appreciated assets or a significant amount of interest in pension plans and IRAs.
Charitable Lead Trusts
A charitable lead trust (CLT) is a less well known estate planning tool. It operates in the opposite manner of a charitable remainder trust. A CLT makes scheduled payments to charity for a period of time and then terminates and distributes remaining assets to the creator's individual beneficiaries.
The value of the gift to charity and the gift to family are computed using a complex calculation established by the IRS. The value of the charitable portion of the gift reduces its taxable value. The appreciation on the property is removed from the creator's estate. If the property appreciates at a faster rate than is used in the calculation, the benefit is increased further.
Contact GREENFIELD STEIN & SENIOR, LLP, to learn more about how you can maximize your charitable giving through a charitable remainder trust, a charitable lead trust, and proper estate planning.