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Our Charitable Planning Attorneys in Lynnfield Can Help You Structure Your Giving Effectively
Charitable planning is a thoughtful way to reduce estate taxes, protect family assets, and support the causes that matter most to you. With the right approach, it can also help pass along family values and create a legacy that reflects your priorities.
At Family Estate Planning Law Group, we help clients across Massachusetts and Southern New Hampshire develop customized charitable giving plans. Our charitable planning services include:
- Structuring your charitable giving plan for optimal tax advantages
- Identifying and implementing the right giving strategies
- Choosing the most tax-favored assets for charitable donations
Charitable giving is more than a tax strategy. It is an opportunity to align your wealth with your beliefs and make a lasting difference.
Life Insurance as a Charitable Giving Estate Planning Tool
Many families are surprised to learn that life insurance can be a powerful tool for philanthropy.
When structured correctly, life insurance can help you:
- Grow assets tax-free and transfer them to beneficiaries
- Reduce estate taxes through charitable deductions
- Support a favorite cause without impacting cash flow
Some of the ways to use life insurance for charitable giving include:
- Transferring the policy to a charity and receiving an income tax deduction
- Donating policy dividends to a nonprofit and deducting the contribution
- Naming a charity as the beneficiary to lower your taxable estate
- Creating a confidential giving plan through a trust-held policy
This strategy can help you make a larger impact than through cash alone.
Charitable giving is more than a tax strategy. It is an opportunity to align your wealth with your beliefs and make a lasting difference.
Additional Charitable Estate Planning Strategies
We help clients explore a range of philanthropic planning options, including:
- Donor-Advised Funds: A flexible alternative to a private foundation, offering simplicity and administrative support
- Charitable Lead Trusts: Provide income to charity for a set term, with the remainder passing to family without estate or gift tax consequences when structured properly
- Private Foundations: Offer full control over how gifts are used, including the ability to set restrictions on distributions
- Charitable Remainder Trusts or Gift Annuities: Provide an income stream, an immediate income tax deduction, and capital gains tax relief on appreciated assets
When and How to Start Charitable Planning
Estate planning and charitable giving can work hand-in-hand to help you achieve your long-term goals.
Start by reflecting on causes that matter to you. Consider past giving or volunteer work to help clarify where your passion lies. Ask yourself:
- What do I want to be remembered for?
- What issues or organizations are important to my family?
- What impact do I hope to make on future generations?
Once you have clarity on your values, we help you decide what to give and when. While cash donations are always welcome, other assets such as appreciated stock, real estate, or business interests may offer greater tax efficiency. Trusts, foundations, and life insurance can be used to support your plan.
How Our Charitable Planning Firm in Lynnfield Can Help
We believe charitable planning should be tailored to each family’s unique values and goals. At FEPLG, we help you:
- Identify giving strategies that align with your estate and tax plan
- Coordinate with your financial advisor, CPA, and other professionals through GENCollab, our collaborative approach within the Generations Program
- Ensure proper titling and alignment of assets
- Review your plan through our Client Care Program to adapt over time
By reallocating social capital to causes you care about, you gain more control over how your money is used and who benefits from it.
Charitable Planning Lawyers in Lynnfield: FAQs
What is a Charitable Remainder Trust, and How Does it Work?
A charitable remainder trust allows you to contribute assets, receive an income stream, and then pass the remainder to a charity of your choice. This provides both tax benefits and long-term support for your chosen cause.
Can Charitable Gifts Reduce My Estate Tax Liability?
Yes. Strategic charitable giving can reduce the size of your taxable estate and result in significant estate tax savings.
What is the Difference Between a Donor-Advised Fund and a Charitable Trust?
A donor-advised fund offers flexibility and administrative ease. Charitable trusts provide more structure and control over distributions and tax outcomes.
Do I Need an Attorney To Set Up a Charitable Giving Plan?
While some basic gifts can be made directly, more complex strategies involving trusts or foundations should be guided by an experienced charitable planning attorney.
Can I Change My Giving Plan in the Future?
In many cases, yes. Our Client Care Program ensures your charitable goals stay aligned with your life and the law as both evolve.
