Charitable Planning

Woburn Charitable Planning Attorneys

Helping Individuals and Families Achieve Their Philanthropic Goals

One of the most honorable ways to give back to your community and support a worthy cause or organization is through charitable giving. Estate planning is a straightforward way to ensure you give to the charities you choose while complying with all applicable state and federal tax laws.

Simmons & Schiavo Attorneys At Law is dedicated to helping clients with their estate planning needs and contributing to charitable causes. If you want more information about charitable planning, contact our Woburn, Massachusetts, law firm today to schedule a consultation with a knowledgeable attorney who will gladly answer your questions.

What is Charitable Planning?

Many individuals and families use charitable planning to support philanthropic causes while living or after they pass away. Several standard methods individuals can use for charitable giving include setting up foundations or making donations. Some individuals also choose to give funds to an organization through a donor-advised fund (DAF) distributed by the DAF’s manager.

A charitable trust is one of the most utilized methods for charitable giving. There are two options for charitable trusts that each have unique advantages and include:

  • Charitable Lead Trust (CLT): The trust distributes income generated by trust assets to specified charities for a fixed period, after which any remaining assets revert to the grantor or are passed on to the donor’s beneficiaries.
  • Charitable Remainder Trust (CRT): A charitable remainder trust provides the grantor or their beneficiaries income for a fixed period, after which the remaining assets are transferred to pre-designated charitable organizations.

What are the Basic Steps Involved With Creating a Charitable Trust?

If you are considering charitable planning through a trust, there are several basic steps that you must take to ensure that you accomplish your financial objectives, which include:

  • Define your goals: The primary step in charitable planning is to define your financial goals to ensure they meet your objectives.
  • Select the charity you wish to support: There are many worthy charities you may wish to support, but you must be sure to choose those that are eligible to receive tax-deductible contributions.
  • Seek advice from qualified professionals: Consult with financial planners and estate planning attorneys familiar with the legal complexities of charitable planning. These financial and legal professionals can help you create a trust that will provide the greatest benefits.

What are Some of the Benefits of Charitable Planning?

Charitable planning not only aids the charities of your choice through philanthropic but also provides several other benefits, which include:

  • Helps to avoid probate and assists in minimizing estate taxes
  • Provides a lifelong, consistent stream of income through charitable giving strategies
  • Creates a long-lasting impact on the community even after your death

It is always best to consult an experienced attorney to ensure you realize all the potential benefits of charitable planning. A Woburn charitable planning attorney can help you navigate complex legal issues and help you manage the assets placed in a trust or DAF.

How Can Your Law Firm Help Me With Charitable Planning?

Simmons & Schiavo Attorneys At Law is committed to helping individuals and families who wish to support charitable causes. When you come to us for help, we can help you have peace of mind, knowing that your assets are protected, and you are positively impacting the community.

We can also explain how to set up special needs trusts (SNT) that qualify as charitable planning. An SNT can be set up to provide financial resources for life to a special needs family member, stipulating that charities receive the remaining assets after the family member passes away.

To ensure you receive the maximum benefits of charitable planning, you must consult an experienced attorney. An attorney can ensure that your assets are protected and that your choice of charitable giving complies with all state and federal tax laws.

If you are still considering the various options available for charitable planning, contact our Woburn, MA, law firm today at 781-675-1315 to schedule a consultation so we may discuss your legal options.