Giving with Trusts, Foundations and Donor-Advised Funds
Credit: Douglas A. Smith
Recent federal tax law changes pertaining to itemized deductions have caused many people to rethink how they make charitable gifts. With the increased standard deduction, far fewer taxpayers will itemize, which means that small charitable contributions may not create the tax benefit the donor anticipated. At the same time, many charitably inclined people want to go beyond simply making small annual gifts to their favorite charities, preferring instead to make more substantial gifts during life rather than under a Will so that they can appreciate and enjoy how the charity utilizes the benefits. The good news is that there are several charitable giving techniques available that address both of these issues:
Charitable Trusts, Private Foundations, and Donor-Advised Funds.
Doug practices in the areas of estate planning, estate administration, nonprofit organizations, business formation and succession planning, and tax law.
In addition to drafting wills and trusts for estate planning clients, Doug has experience structuring charitable gifts and planning for tax-deferred retirement plan distributions. He also assists nonprofit organizations in obtaining and preserving tax exempt status and helps reinstate nonprofits that have had their exempt status revoked. Doug works with business clients from startup through succession, providing advice on choice of entity, preparing trusts and buy-sell agreements, and structuring business transactions.