Tag: charitable giving
How to Balance Family and Philanthropy in Your Estate Plan
Posted on February 28, 2025
Estate planning for high-net-worth individuals involves more than just asset distribution and tax considerations — it is an opportunity to shape your legacy. Many affluent families wish to support charitable causes while also ensuring their loved ones are financially secure. Striking the right balance between family wealth preservation and philanthropy requires thoughtful planning and strategic decision-making. An Illinois estate planning attorney can help craft a comprehensive approach that aligns with your values and long-term goals. Why Balancing Family and Philanthropy Matters For those with substantial wealth, philanthropy is a deeply […]
What Are the Best Ways to Use Philanthropy in Your Estate Plan?
Posted on January 30, 2025
Much of what goes into creating your estate plan involves making difficult decisions about the future, such as planning for incapacity or setting up the estate plan to boost family assets and provide for generations. However, there is another aspect of estate planning that can be deeply rewarding. Crafting your estate plan presents an opportunity to give back to the causes you care about and to plan for how to use your assets to make an impact in the world. An experienced Naperville, IL estate planning attorney can help you […]
How to Use Donor-Advised Funds for Charitable Giving
Posted on April 4, 2024
Charitable giving is not just an act of generosity; it is a pivotal component of strategic estate planning. While there are many different types of charitable giving strategies, donor-advised funds (DAFs) can be an especially effective vehicle for philanthropy, offering a blend of flexibility, convenience, and tax benefits. Understanding how to leverage DAFs can significantly enhance your charitable contributions and play a crucial role in your estate plan. An experienced attorney can provide guidance on the use of these tools and other strategies that can help you manage your assets, […]
What Are the Benefits of Establishing a Private Foundation?
Posted on March 8, 2024
Charitable giving is a goal of many people and families, especially those who have a high net worth. While there are many options available, establishing a private foundation can offer a unique opportunity for a person or family to create a lasting philanthropic legacy while enjoying significant financial, tax, and legal benefits. When integrated into an estate plan, a private foundation can also serve as a strategic tool for managing wealth and promoting important causes. An attorney with experience in complex estate planning matters can provide guidance on the best […]
5 Tax Planning Strategies to Help Protect and Preserve Wealth
Posted on January 12, 2024
When it comes to building and maintaining wealth, effective tax planning is a crucial component of an asset protection strategy. By taking advantage of various tax strategies, you can minimize your tax liabilities while preserving and protecting your hard-earned assets and ensuring that they can be passed on to future generations. An attorney who understands the best estate planning tools for high-net-worth families can provide guidance on the best strategies to use. These strategies may include: 1. Utilize Tax-Advantaged Accounts Certain types of accounts can be used to minimize the […]
How to Maximize Charitable Contributions in an Estate Plan
Posted on November 2, 2023
An estate plan is a crucial tool for people and families who want to ensure that their assets are distributed according to their wishes. While many people focus on providing for their loved ones through their estate plans, it is also important to consider charitable contributions as part of the overall plan. Charitable giving not only allows you to support causes that are close to your heart, but it can also provide significant tax benefits. By incorporating charitable contributions into your estate plan, you can maximize the impact of your […]
Get Your Charitable Giving Done Before The New Year
Posted on December 1, 2022
There are so many worthwhile charitable causes you can contribute to that help people, animals, and the environment in many needed ways. Helping others is part of being human – it makes the world a better place for all of us. There are also tax advantages associated with charitable giving that can help you financially. So, it is truly a win-win situation. There is still time to get your charitable giving before the end of the year so it qualifies on your upcoming tax return. Read on to learn about […]
What MacKenzie Scott and Melinda Gates Can Teach Us About Charitable Giving
Posted on August 10, 2021
Charitable giving allows us to contribute to the causes we believe in and, ultimately, make the world a better place. Philanthropy also gives us an avenue through which we can leave an enduring legacy. If you have the means to donate to charitable causes, you may be interested in including charitable giving in your estate plans. Two women who have recently been making headlines with their philanthropic pursuits are Melinda Gates and MacKenzie Scott. These women married two of the wealthiest men in the world. Now, they are using part […]
Tax Planning in Your Estate Plan
Posted on April 8, 2021
Benjamin Franklin is attributed as having said that only two things are certain in life: death and taxes. The way you structure your estate plan will have considerable tax consequences, so it is important to plan accordingly. There are different tax-related advantages and disadvantages associated with each type of estate planning tool. Failure to plan for estate planning tax consequences can leave your surviving loved ones with unexpected and unpleasant tax-related surprises. An estate planning attorney can explain the potential tax implications and help you minimize your tax liability through […]
Charitable Giving in Your Estate Plan Can Add to Your Legacy
Posted on March 18, 2021
When you think about the idea of estate planning, it is reasonable to primarily consider the variety of documents and tools that you will need to pass your assets and property on to your children—and possibly your grandchildren. The transfer of assets to future generations is, of course, an important goal of the estate planning process, but there other things to consider as well. For example, you might also wish to think about the legacy that you will leave behind. One of the most common ways for you to cement […]
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