Charitable planning is a tool to both provide gifts to a cause or charity they care about, and it allows you to realize a tax advantage. To make the most of the gift to a charity and to obtain a tax benefit, it is essential for any charitable gifts to be part of a complete estate plan.
In Nevada and Idaho, you may utilize various types of planning tools, but if not drafted correctly may lead to a large portion of your gift to not gain the tax benefit the law allows.
There are various types of charitable planning tools, for example:
- Charitable Lead Trust (CLT) is an irrevocable trust designed to provide financial support to one or more charities for a period of time, with the remaining assets eventually going to family members or other beneficiaries.
- Charitable Remainder Trust (CRT) is also an irrevocable trust that generates a potential income stream for you, as the donor to the CRT, or other beneficiaries, with the remainder of the donated assets going to your favorite charities.
Callister Law can work with you to understand and successfully utilize these planning tools. We can advise you of the advantages of charitable planning to better meet your estate and tax planning goals.