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Charitable Giving

Arizona Attorneys

charitable givingCharitable giving in an estate plan does not just involve leaving money to a charity upon death. At every stage in life, everyone can take advantage of the tax benefits of charitable contributions even through a living trust, while supporting the social causes that are most important to them.

Morris Hall, PLLC, can help you look at your current financial situation and determine the best way to meet your charitable giving wishes, while benefiting fully from the tax advantages and other protections afforded by a charitable remainder trust, a charitable lead trust, or a family foundation. If such charitable entities are properly created, you can leave the extra benefit of protecting your assets from creditors, tax judgments, divorce settlements, and the required spend-down for long-term care.

We Will Help You Determine the Best Way to Charitable Giving 

If you are an individual or family of high net worth, it can be very valuable to establish an advantageous manor to support a 501(c)(3) nonprofit or faith-based organization. There is no one-size-fits-all solution in a comprehensive advanced estate plan. The attorneys at MH work closely with Morris Hall accountants and Morris Hall financial planners to determine whether a family foundation is your best choice to meet your long-term planning needs. By looking at your complete tax situation, family circumstances and funding options, our experienced estate planning team can help you fulfill your charitable giving desires at every stage of life and income level.

We have extensive experience in all areas of trusts relating to charitable giving, including:

  • Charitable lead trusts: These reduce the taxable income by distributing a portion of the trust’s income to charities. After a specified period of time, the remainder of the assets goes to your beneficiaries tax-free.
  • Charitable remainder uni-trusts (CRUT): While the trust creator is alive, a CRUT distributes a fixed percentage of the value of its assets to the trust creator or to a non-charitable beneficiary. After death or a pre-set period of time, the remaining CRUT assets are distributed to charity.
  • Charitable remainder annuity trust (CRAT): Cash, securities, real property, or other assets are transferred into a trust that pays the trust holder income at a set percentage for life or a pre-set number of years. Upon termination of the trust, the remaining assets are distributed to the charity.
  • Family foundations: Family foundations are often set up to distribute funds to a variety of charitable organizations. A family foundation affords the benefit of supporting special charitable purposes; producing a vehicle for family members to work together for generations in worthwhile charitable endeavors; providing compensation to family members for their efforts; fostering the activities and services set forth in the foundation documents.

AAEPA • AV Rated* • CPAs • Licensed Financial Planners

Contact us to arrange a consultation with an experienced lawyer today. Our offices are located in Phoenix, Tucson, and communities throughout Arizona.

*Martindale-Hubbell’s AV peer review rating is the highest-rated category an attorney can achieve in the areas of legal skills and ethical standards. AV is a registered certification mark of Reed Elsevier Properties, Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies.

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    Charitable Giving

    August 19, 2013 by Morris Hall, PLLC Leave a Comment

    As the economy continues to recover, our assets grow.  At the same time, it seems as though taxes become more and more of an issue.  Charitable Giving is starting to become an attractive estate planning option once more, especially as a way to avoid or minimize potential tax liabilities such as capital gains tax or estate taxes.  Additionally, it provides a great way to create a meaningful legacy with a deserving charity.

    I must admit that I am not the most impartial in this matter because I personally work with some incredible charities, such as Make-A-Wish Foundation and Phoenix Children’s Hospital Foundation.  Our firm also works with many other charities throughout Arizona.  The benefit here is two fold: Not only do you and your family benefit financially, you also benefit from seeing the good that your donation brings into the lives of others!

    When you sit back and think about how best to help your family, make it a point to schedule a consultation with an estate planning attorney.  You might be surprised just how much our firm can do to help you and your loved ones.

    For more information or to schedule your free consultation, contact our office today at 888.222.1328.

    Contributed by MH Flagstaff, Mesa and Phoenix Estate Planning Attorney West Hunsaker

    What the Attorneys of Morris Hall Can Do For You:
    The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down.  The attorneys also help those in Arizona to apply for and receive Medicaid assistance and Veterans Benefits.  Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead.    Contact us today at 888.222.1328 to schedule an appointment!

    This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

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    amsolutions
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