5301 Madison Avenue | Suite 402 | Sacramento, CA 95841 916.679.5550

“We are one of the rare estate planning firms that have significant tax planning credentials.”
-Trudy Nearn, Founding Attorney, Generations

Sacramento Charitable Giving Attorneys

There is only one constant regarding state and federal tax laws: they are always changing. And changes in these laws can have a tremendous impact on your tax deductions, especially if you have philanthropic inclinations.

Laws regarding the deductibility of charitable donations, for example, can have a tremendous impact on the bottom line of someone who regularly donates to charitable organizations.

If you reside in the Sacramento area, and plan on making any charitable donations in the near future, contact the Sacramento charitable giving attorneys at Generations today.

Charity donations and IRS liability

Charitable gift giving is an excellent tool not only to provide for philanthropic organizations, but also to reduce the amount of your future tax liabilities. Charitable donations are completely deductible from estate taxes, which can be as high as 55 percent.

A common way to provide a charitable gift is to include a bequest to the charity in your will or trust. Gifts may include:

  • Cash
  • Stocks
  • Bonds
  • Property
  • A specific percentage of your estate

A trust is often the best way to put a charitable gift in place. A legal instrument known as a revocable living trust can define your bequests to charity, and divide the remainder of your estate among other beneficiaries. You can change such a trust while you are still alive should your desires change. Unlike a will, a revocable living trust also does not have to be probated, so it is often distributed rapidly.

A Sacramento charitable giving attorney can also suggest other complex charitable giving techniques that might work as part of your estate planning.

  • A Charitable Remainder Trust (CRT) lets you take an income tax deduction now for assets that you set aside today to provide income to you for the rest of your life, after which the assets are given to the charities you have chosen.
  • A Charitable Lead Trust (CLT) pays income to a charity for a certain timeframe, after which its assets are distributed to your beneficiaries.
  • You can designate a charity as a beneficiary of a life insurance policy or IRA.
  • A donor-advised fund is a way to donate to a private fund administered by a public charity.
  • Your own private foundation can also provide for gifts to your favorite charities.

When you need a skilled gift tax attorney, call Generations

All attorneys are not equally skilled. Many lawyers who advise clients on gift taxes do it only as a sideline and are not aware of the latest codes and the newest strategies. If you require an experienced gift tax attorney in Sacramento, call Generations at 916-679-5550 or contact us today. We can help.

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