Charitable Giving Lawyers in Melrose, MA Helping Individuals With Charitable Contribution Needs

Charitable giving can be one of the noblest and most honorable practices that an individual can participate in. Donating to a charity or philanthropic organization can assist so many entities that help people in need.

The attorneys of the Martino Law Group, LLC have the necessary skills and resources to accomplish your desires in relation to charitable giving. We can help you establish a charitable giving trust and can present you with many other options that allow you to use your money to help others in need. Proper estate planning is key when considering charitable giving and how to make the donations work best for the charitable organization of your choice.

Every individual has different goals and needs when contemplating the act of charitable giving. Our highly knowledgeable attorneys can assist you in making a decision as to what option would be the best in order to meet your long-term goals. Contact the Martino Law Group, LLC of Melrose, MA, today and schedule an appointment where we will be happy to explain the best course of action for you.

What is the Difference Between a Private Foundation and a Donor Advised Fund?

When considering the act of charitable giving, both a private foundation and donor-advised fund are extremely useful in terms of an immediate income tax deduction in the year that the charitable gift is made. They both also allow you to distribute money over an extended period of time. Nonetheless, there are several key differences that do exist between the two.

A private foundation: This provides you with a greater degree of control over the various areas of making grants and investments. Typically, private foundations tend to have larger amounts of capital to work with and have been in existence for a longer period of time.

A donor-advised fund: This type of fund offers you lower administrative and management fees. It is also beneficial in that it has more favorable deduction limitations along with asset valuations. One of the most positive aspects of a donor-advised fund is that there is no excise tax on investment income.
Many other kinds of charitable trusts can be established, such as a charitable lead trust that provides assets to a charity for a fixed amount of time. In this kind of trust, the trustmaker receives an upfront income tax deduction for the present value but does not receive further tax deductions. Once the donations have been made to the trust, they cannot be removed.

A charitable remainder trust is the opposite of a charitable lead trust in that the creator of the trust does not receive immediate tax benefits. Instead, the trustmaker or spouse can receive income from the trust as well.
A charitable gift annuity is considered to be an irrevocable contract between a donor and the charity that receives the donation. In exchange, the donor typically receives a partial tax deduction and annual income from the charity that lasts for the duration of the donor’s life.

What are Some Important Things to Remember About Charitable Giving?

Many individuals have a strong desire to contribute to charity as part of their overall estate planning. One major component of charitable giving should be that you have a strong belief in the charity to which you wish to donate money.

Another critical issue of charitable giving is making certain that the charities to which you wish to donate your gift of money or property are legitimate and that your donation will be used for the purposes for which it was intended. Frequently, it has been revealed that many donor gifts actually go to pay administrative costs or large salaries of executives.

When trying to determine the amount of money or assets that you wish to donate, you must be realistic with yourself as to what you can reasonably set aside for this purpose.

When considering a sizable gift of money or other property to a charitable organization, it is best to consult with a charitable giving attorney before taking action on your own. There are many tax aspects that need to be discussed in order for you to make a well-informed decision.

Why Should I Hire a Charitable Giving Attorney to Help Me With Donations to Charity?

Charitable giving attorneys play a pivotal role in estate planning and assisting donors with their desires to leave contributions to worthy causes. A charitable giving attorney is critical in the process of estate planning in order for a donor to save time and money. Without the benefit of a well-drafted estate plan, many donors end up having to pay out more money in court costs, professional fees, and taxes.

Another everchanging factor in charitable giving is the fact that state governments, federal governments, and agencies such as the IRS constantly change the rules that govern charitable giving and estate administration.

In order to ensure that your charitable giving is done properly and has the desired effects, it is vital that you hire an attorney who is knowledgeable and familiar with the frequent changes that are put into place. An overall goal of charitable giving is usually that beneficiaries and donors are both able to benefit from the donations.

The attorneys of the Martino Law Group, LLC of Melrose, MA, have the knowledge and experience necessary to assist you in all of your charitable giving needs. We can help you establish a charitable giving trust and apprise you of many other options that allow you to use your money to help others in need.

Every individual has different goals and needs when contemplating the act of charitable giving. Our highly knowledgeable attorneys can assist you in making a decision as to what option would be the best in order to meet your long-term goals. Contact the Martino Law Group, LLC of Melrose, MA, today by calling (781) 531-8673 and scheduling an appointment where we will be happy to explain the best course of action for you.