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Skilled New York Lawyers Assisting Clients with Charitable Contributions

Few things offer as much fulfillment as giving to a worthy cause. Including donations to charitable organizations in your succession planning can require careful preparation in order to make the most of your contributions.

Maurice Kassimir & Associates, P.C., provide assistance to clients who wish to leave part or all of their wealth to charity:

  • Donating Outright - A client can make outright donations of assets to a charity during their life or after their death. They can also take advantage of income and estate tax savings.
  • Designation as a Beneficiary - Naming a charity the beneficiary on a life insurance policy allows clients to include the policy's value in their estate. More favorable tax advantages may be possible by also naming the charity as a policy owner.
  • Charitable Lead Trusts - Also called charitable income trusts, this irrevocable trust allows a designated charity to receive interest income, while the remainder returns to the client or their designated beneficiary.
  • Charitable Remainder Trusts - This trust allows individuals to benefit from the trust by receiving an annuity during their lifetimes, and to transfer trust assets to a charity after the death of the surviving spouse.
  • Private Foundations - Clients can set up their own charitable foundation that qualifies as a charitable organization under Section 501(c)(3) of the Internal Revenue Code. They receive a full income tax deduction for the fair value of assets contributed to the foundation. Timing gifts during high income tax years offers even greater saving advantages.
  • Donor Advisor Funds - Contributions can be made to this type of foundation which will administer the donations for a fee. Although clients lose some control over management of the funds, they save the headaches associated with running a foundation.

Charitable Giving

Contributing to a charity can help a worthy cause and serve non-monetary family interests as well. For example:

An elderly client's spouse died of lung cancer and they wished to donate a portion of their wealth to cancer research. They also wanted to actively engage their children in charitable giving. Maurice Kassimir & Associates, P.C. discovered the client had about $2 million in an IRA account that would have been subject to taxation at approximately 80 percent upon death. We helped the client place the IRA money into a private foundation exempt from income or estate taxes, created for the benefit of the American Cancer Society. The client was able to optimize the impact of their donation and create a vehicle for charitable giving by their children in the fight against cancer.

Whether it involves a straight donation or contributions to a charitable remainder trust, the skilled attorneys at Maurice Kassimir & Associates, P.C., take pride in helping clients make thoughtful, informed wealth transfer decisions.

Contact Maurice Kassimir & Associates, P.C., for advice from a charitable planning lawyer tailored to your estate planning goals.

212/944-1377

Providing sophisticated estate planning to insure the accumulation, preservation and transfer of wealth for clients in the New York Metro area, including Nassau and Suffolk Counties on Long Island, Bergen, Monmouth and Essex Counties in northern New Jersey, and the communities of Fairfield, Greenwich, and Westport in southern Connecticut.

 
 
 
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