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​Charitable and Non-Profit Estate Planning

Many people want to do good in the world but may not know where to start or how to make their charitable giving and efforts most effective. If you are a philanthropist, or if you are just looking for a good tax deduction, here are some things you should know about charitable planning:
  • Most states allow you to establish a charitable business entity, but special (lengthy) paperwork and tax returns must be filed with the IRS in order to receive the tax-exempt status you are seeking. A non-profit must be carefully structured to receive and retain tax-exempt status.
  • It can take the IRS anywhere from a few weeks to several months to approve tax-exempt status.
  • You can design your charitable gift in such a way that it accomplishes a specific desire or purpose.
  • You can make tax-free transfers from your retirement accounts to a charity of your choice, but there are rules to follow.
  • It is almost always better to donate appreciated assets (property, stocks, etc.) to charity directly rather than selling the asset first, then donating it to charity.
  • If you are leaving assets to a charity when you pass away, it is important to be sure that your documents are properly structured to avoid disputes among family members.
  • There may be significant tax advantages to creating a Charitable Remainder Trust, Charitable Lead Trust, or Charitable LLC to house your assets in retirement, especially when selling a business or other large asset.
Inter Vivos works with several non-profit entities to help them manage charitable giving. We can also talk to you about your charitable desires and help you properly structure your non-profit entity or charitable gifts. Contact us today to set up a consultation.
​Interested in Charitable and Non-Profit Estate Planning?

E-book: "Estate Planning For The Family Forest"

Planning for your posterity is an important matter especially if you want to help generations of your family tree well into the future. You want them to be rooted in family values, while having the space and freedom to grow individually. Our upcoming E-Book, "Estate Planning For The Family Forest" discusses important aspects of multi-generational planning including what can be done in your planning, how to nurture values, and how to incentivize your posterity to grow the family tree the way you would want them to.