Canton Charitable Planning Attorney
Planning your estate is an incredibly important process. Doing so ensures that your wishes will be enacted in the event of your death or incapacitation.
Many people believe only retirees and elderly individuals need to draft wills and trusts. But this view is mistaken.
Sadly, illnesses and death can befall people of any age. For this reason, it is vital to speak with an estate planning lawyer to determine the fate of your assets and property.
While estate planning can serve to protect your family and dependents, many people wish to leave a legacy in the form of charitable giving. Speaking with an attorney for charitable planning allows you to leave assets to the national or local organization of your choice.
Many people wish to give money to a Canton charity in the event of their passing. Regardless of the organization that you want to support, a charitable planning lawyer can help you draft a plan that reflects your wishes.
To speak with a qualified estate planning lawyer in Canton, reach out to the firm of Slater & Zurz. Our team of experienced attorneys will help you build an estate plan that guarantees you are fully prepared for any eventuality.
Contact a Canton probate lawyer at Slater & Zurz by calling (330) 968-2547. Let our accomplished team work for you!
Methods of Charitable Giving Through Estate Plans
There are many reasons to include charitable giving in your estate plan. Some people do not have children to whom they wish their assets and property to transfer.
Other individuals have children who would not greatly benefit from the inheritance they will leave. Or they simply want to support a cause or institution tangibly and materially.
Sometimes, tax benefits result from charitable giving in an estate plan. A Canton charitable planning lawyer can help you bequeath your assets to the organizations you support.
There are many ways to include charitable contributions in your estate plan. With the help of an estate planning lawyer in Canton, you can determine the best way to incorporate your philanthropy into your end-of-life plan.
A skilled charitable planning lawyer can develop ways to provide for your loved ones while also supporting those causes close to your heart. Some of the most common ways to incorporate charitable contributions into your estate plan include:
Charitable Giving Detailed in Your Will
One of the least complicated approaches to charitable giving in estate planning is using a will. A will is one of the standard legal documents that detail your desires for the care of minor children and the distribution of your wealth and property.
The charitable gifts you write into your will are known as “bequests.” There are four primary types of bequests that you can specify in your will. These are:
- General bequests
- Specific bequests
- Demonstrative bequests
- Residuary gifts
When you speak with one of the skilled Canton charitable planning lawyers at Slater & Zurz, we will review the details of your financial situation. After discussing your wishes with you, our knowledgeable legal professionals can help you determine which type of bequests are right for you.
Charitable Giving Through Retirement
Another way to build a charitable legacy is to donate to your organization of choice with a portion of your retirement. Upon your death, the remainder of your retirement account can be provided to a cause you wish to support.
This approach to charitable giving is simple and very tax-effective. You will receive a tax benefit when you designate a specific charitable organization as the beneficiary of your retirement account.
Non-profit charitable entities are exempt from estate and income taxes. Because of this, they can receive your retirement account’s total value.
With the help of an estate planning attorney, you can ensure that your loved ones receive their portion of your estate. When you donate your retirement account to a charitable cause, your children and heirs can still recover non-retirement wealth and assets.
Split-Interest Gifts
A third way to plan your charitable giving is with a split-interest gift. With this approach, you can provide assets to an organization while also having the benefit of keeping them.
A split-interest gift allows you to fund trust under the organization’s name. This method provides an income tax deduction when transferring assets.
As with other types of trusts, you may be able to avoid capital gains on the money or assets that you transfer to the trust. Speak with a lawyer for charitable planning to discover if a split-interest gift through a charitable trust is the right approach for you.
Avoid Charitable Donation Rejections
In some instances, charitable organizations will reject donations. For instance, if the assets come with conditions, they may be rejected.
Many charitable organizations only accept gifts with no strings attached. Additionally, many organizations do not accept gifts other than cash.
If you are considering donating real estate or non-monetary assets to a charity, speak with an attorney for charitable planning. Charitable organizations are often wary of accepting real estate as a gift.
This is because non-cash assets can expose charities to certain types of liability. Gifted property may also require the organization to further invest in converting the real estate into a usable asset.
Some of the most common concerns that charitable organizations have regarding gifted real estate include the following:
- Zoning issues
- Building code standards
- Environmental regulations
- Maintenance costs
- Mortgage expenses
If the piece of property generates income, including rent, the organization may be faced with additional taxation. Still, there are ways to ensure your charitable contribution does as much good as possible.
Consult with a lawyer for charitable planning by contacting the firm of Slater & Zurz. Our knowledgeable estate planning specialists proudly serve Canton and the surrounding areas.
Everyone Can Give
Some people believe that only the wealthy have the opportunity to make a difference through charitable planning. This view is mistaken.
In fact, many individuals of modest means provide assets to their local religious community or school through their estate plan. With your generosity, you do not have to leave tens of thousands of dollars to build a lasting legacy.
No matter your financial circumstances, it is critical to plan for the future. Do not wait until it is too late to decide what will happen to your property and assets in the event of your death or incapacitation.
There are many factors to consider when you’re planning your charitable contributions. A seasoned Canton lawyer will build an estate plan that allows you to reap the benefits of tax deductions. Individuals can often qualify for multiple deductions when making a sizable donation.
The team at Slater & Zurz is ready to help plan your charitable legacy, regardless of your financial situation.
The phrase “charitable planning” refers to a concerted effort to reach one’s philanthropic goals. Charitable planning also involves finding the most tax-efficient ways to give assets, money, or property.
Giving in a tax-efficient way ensures that you are supporting the cause you care about as much as possible. With guidance from a skilled estate planning attorney, you can make the most impact for good.
Depending on your circumstances, some methods of giving through your estate plan will be more effective than others. Do not allow your charitable contributions to be significantly lowered because of unnecessary taxation.
There are many diverse methods of making a charitable contribution through your estate plan. The type of gift you hope to leave — and the kind of organization you want to receive it — will determine which approach is right for you.
Some of the most common ways to build charitable gifts into your estate plan include:
- Leaving funds to an organization in your will
- Charitable remainder trusts
- Bestowing real estate or property
- Naming an organization as a beneficiary on your life insurance
The attorneys at Slater & Zurz will help you determine the best approach for you.
None of us knows how long we will live. While this thought is unpleasant, it is critical to plan what will happen in the event of your death or incapacitation.
To find the best charitable planning attorney for you, consider the following steps:
- Research attorneys in Canton online
- Read reviews from former clients
- Find a legal specialist with experience in estate planning
- Schedule a consultation with firms you are considering
The accomplished team of Ohio attorneys at Slater & Zurz have more than four decades of experience. We can help you draft wills and trusts to ensure your plans are carried out according to your wishes.
Contact the Canton Estate Planning Lawyers at Slater & Zurz
When you need excellent legal representation in Canton, OH, reach out to the trustworthy legal team at Slater & Zurz. Our compassionate and dedicated lawyers will help you build an estate plan that is right for you.
To discuss your circumstances and plan your charitable contributions, contact our office by calling (330) 968-2547 today!