Charitable Giving Attorney in Henderson, Nevada
What are some of the ways I can incorporate charitable giving into my estate plan?
What are some of the ways I can incorporate charitable giving into my estate plan?
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00:04
yeah charitable giving can be made in
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several ways it can be made as an
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outright gift you can simply write a
00:09
check to your charity but there may be
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other ways that are more tax advantaged
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to make those gifts we have clients that
00:15
oftentimes want to leave their estate to
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their children but they also want to
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benefit some charitable organization
00:22
within the community and so sometimes in
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a carefully prepared estate plan
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it may be more beneficial to name the
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charity as the beneficiary of the ira
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and let the children receive something
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else that’s not subject to income tax so
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for example
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if mom and dad have an ira with a
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hundred thousand dollars in it and they
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name their children as the beneficiary
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when they die the children will have to
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pay income tax on that hundred thousand
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dollars and so there may only be sixty
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five or seventy thousand dollars of
00:52
assets left
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if mom and dad instead designated a
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charity is the beneficiary of that ira
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the entire 100 000 would go to the
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charity free of income tax because the
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charity is not subject to income tax and
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the parents could then leave something
01:08
else of equal value to the children not
01:11
subject to income tax so how you
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structure your charitable planning can
01:15
make a significant difference
Las Vegas, NV estate planning attorney Gregory J. Morris discusses some of the ways you can incorporate charitable giving into your estate plan.
