Throughout their lifetimes, many people make the decision to donate to certain organizations in their area. But not everyone has the resources to do it. This is why they might want to make a contribution after they pass away. Although it might sound strange, this can be done with charitable planning.
By contacting an experienced Tully Rinckey trust and estate attorney, we can assist you in incorporating charitable planning into your will.
Knowledgeable and Charitable Planning Attorney in New York State
Planning for charitable giving in New York State may be the most satisfying and rewarding thing you can do with your assets. However, it is crucial to take into account all the variables and have legal counsel on your side if you plan to donate significant sums of money or resources. When it comes to charitable planning, the professionals at Tully Rinckey can assist you in making the right choices and avoiding little errors that could wind up costing you and your chosen charity a lot of money in the long run.
Some of the many issues that we regularly assist clients in understanding are:
• How to budget for taxes while still maximizing your income
• How to comprehend state laws that can affect your donation's return on investment
• Which charities offer donors and recipients the greatest advantages?
• When and how much to donate, as well as when to wait for a different charity to work on the same issue.
The team at Tully Rinckey has assisted individuals throughout New York State including in areas such as Albany, Binghamton, Buffalo, Manhattan, Rochester, Syracuse and Saratoga Springs with their estate planning and wills. We have helped people like you in making the best decisions for their wealth and avoiding actions that may seem innocent but could have grave consequences.
What is Charitable Planning?
There are numerous ways to start charitable planning. This can be done by naming beneficiaries in an estate plan, making lifetime donations, leaving bequests in wills or trusts, or even making gifts throughout one's lifetime to a trust. Retirement plans or life insurance policies may also be utilized to support charitable donations. They can be used as instruments to leave a bequest or lifelong donation to a charity or non-profit organization. People frequently decide to donate their entire insurance policy or a portion of the payout after their passing. Through the use of a "beneficiary designation," this is possible.
The usage of trusts can be used in the process of charitable planning as well. There are two main types of charitable trusts that can be created in New York State—charitable leads trusts and charitable remainder trusts.
Regardless of which charitable plan you use, it is imperative that a person be informed of any applicable tax requirements. For instance, gifts made from retirement accounts are exempt from income tax for qualifying charities. This is the reason why these assets are more valuable to charities than other estate-related assets. To assist you in making wise decisions during this process, it is crucial to have an estate planning lawyer at your side.
Our New York State Charitable Planning Attorneys Can Help You Today
No matter trust and estate issue you have, the respectful, knowledgeable, and experienced attorneys at Tully Rinckey will handle your legal representation with dedication and care.
To schedule an initial consultation with a member of our experienced team, contact us 24 hours a day, 7 days a week, at 8885294543 or firstname.lastname@example.org. You can also book your consultation online via the link below.
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