Charitable Giving Attorneys 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 Martino Law Group, LLC, have the necessary skills and resources to accomplish your desires regarding charitable giving. Our law firm can help you establish a charitable giving trust and 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 charitable giving. Our highly knowledgeable attorneys can assist you in making a decision about what option would be best to meet your long-term goals. Contact the Martino Law Group, LLC of Melrose, MA, today and schedule an appointment. Our law office will be happy to explain the best course of action for you. Call 781-531-8673 to schedule a free consultation today.

What is a Trust?

Trusts are valuable estate planning tools used by many people. There are many types of trusts, and each one has its place in estate planning. While they are very wide, all trusts have three key players that are always present.

Trustor/ Grantor

This is the person who creates and funds the trust. Working with an experienced attorney can help the grantor ensure that their planning is legally sound.

Trustee

This is the person or organization in charge of the trust’s management and administration. They have a fiduciary duty to act in the best interests of the beneficiaries.

Beneficiaries

These are the recipients of funds from the trust, as outlined by the grantor. In this case, the beneficiary will be the charitable organizations receiving assets.

All trusts fall into one of two categories.

Revocable

Often called a revocable living trust. These estate planning tools are fantastic for lessening the impact of the probate process on your family but do not offer tax incentives or protect assets. The trustor retains control of the assets used to fund this type of trust.

Irrevocable

Once created and funded, an irrevocable trust is not easily modified or revocable. This type of trust often has complex laws that regulate them. Making any mistakes in their creation or administration can result in you losing the asset protection or tax benefits they may have offered. You will need an estate planning lawyer who is committed to explaining and planning around the complexities of these types of trusts.

Are you looking to protect your assets and minimize the impact of estate taxes? Do you want to make probate easier and more private for your loved ones? Our estate planning lawyers can help you with this and other estate planning legal services. Call 781-531-8673 to schedule a free consultation.

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 determining the amount of money or assets that you wish to donate, you must be realistic about 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. Our law firm has experience helping our clients understand those implications.

Why Should You Hire a Charitable Giving Attorney to Help You 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 so that a donor can save time and money. Without the benefit of a well-drafted estate plan, many donors end up having to pay more money in court costs, professional fees, and taxes.

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

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 made. An overall goal of charitable giving is usually for beneficiaries and donors 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 estate planning needs, including assistance with trusts, wills, and more. Our team 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 charitable giving. Our highly knowledgeable attorneys can assist you in making a decision about what option would be best 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. Our practice will be happy to explain the best course of action for you and provide you with the estate planning legal services you need.