DIGIORGIO LAW FIRM, PLLC ESTATE PLANNING NEWSLETTER
Volume 5, Issue 3 July 8, 2022
The DiGiorgio Law Firm, PLLC specializes in providing estate planning and elder law services to our clients, their families and their family-owned businesses.
The legal services offered by DiGiorgio Law Firm, PLLC include, *Wills and Trusts, Powers of Attorney *Estate and Tax Planning, *IRS Estate & Gift Tax Audits & Appeals, *Long Term Care Planning *Medicaid Eligibility Planning, Medicaid Recertification & Appeals, *Probate Administration, *Elder Law, *Special Needs Planning, *Guardianship Applications, *Asset Protection Planning, *Business Entity Formation, *Business Succession Planning, *Buy-Sell Agreements, *Deeds and *Real Estate Closings.
This issue will focus on five great ways to achieve your charitable giving objectives.
- Gifts from Individual Retirement Accounts: All withdrawals from a traditional IRA are subject to taxation at ordinary income rates. The top rate is currently 37% (see our January 2022 issue for a summary of current tax rates) This makes your IRA a very tax efficient vehicle for charitable giving. Under current law you can give up to $100,000 directly from your IRA to a qualifying charity without recognizing any income. As an added incentive, the transfer from your IRA to a qualifying charity can be used to satisfy your Required Minimum Distribution from your IRA if you have already reached the age of 72 and have begun to take mandatory distributions.
- Testamentary Bequests: Arguably the simplest way to leave a legacy to your favorite charity is by making an outright bequest to the charity in your Will. The DiGiorgio Law Firm can help you craft a charitable bequest that is well suited to your charitable giving objectives.
- Charitable Remainder Trusts: If you are interested in benefiting a charity upon your death or the death of a loved one, a charitable trust is a good option. These trusts allow the lifetime beneficiary (including the Trust’s creator) to receive an annual annuity payment or unitrust interest (annual payout of a % of Trust assets). Upon the death of the beneficiary the Trust then pays out the remainder to a qualifying charity. These trusts are particularly helpful in deferring or eliminating capital gains on the sale of highly appreciated assets. In most cases the donor is entitled to receive an income tax deduction for the assets contributed to the trust.
- Charitable Lead Trusts: These trusts are very similar to charitable remainder trusts, except that it is the charity that is entitled to receive the annuity or unitrust payment for a term of years, after which time the remainder of the trust is paid out to the donor’s non-charitable beneficiaries
- Private Family Foundation: If you have significant charitable intent and would like to be able to involve family members in helping you pick and choose the qualifying charities that will benefit from your contributions each year it may make sense to establish a “Family Foundation” to help meet your charitable giving objectives.
To learn more about these and other techniques for meeting your charitable giving objectives, contact the DiGiorgio Law Firm to schedule a free consultation today.
SPRING 2022 UPCOMING CLIENT WORKSHOPS
Probate Avoidance & Estate Planning Workshops *Surrogate’s Court (Probate) Procedures & Timelines for decedents dying with & without a Will *Basic Estate Planning Documents, such as Wills, Health Care Proxies & Powers of Attorney *Probate avoidance techniques including Revocable Trusts. 7/21/22 & 8/11/22
Long-Term Care Planning Workshops *Options for Paying for Long Term Care *Health Care Proxies, Wills & Powers of Attorney *Medicaid Eligibility Requirements for Home Care & Nursing Home Care & *Medicaid Asset Protection Trusts. 7/28/2022 & 8/25/22
Estate Planning for Business Owners *Entity Selection & Formation *Agreements for Operating and Managing your Business Entity *Business Succession Planning/Selling or Transferring the Business *Considering the needs of all of the business owner’s family members. 8/4/22 & 8/18/22
**Please RSVP if you are interested in attending any of our free educational workshops. Unless otherwise specified, all workshops will take place at our office located at 258 Genesee Street and run from 5:30pm to 6:30pm. You may make your reservation by phone (315) 732-3155 or by email firstname.lastname@example.org.
To learn more about steps you can take to protect assets for yourself and your loved ones call us to schedule a consultation today.
Have you updated your estate plan lately? You can’t take it with you, but you can decide where it goes. Keep up with the changing times and let us provide you with a free 30-minute consultation to review your current estate plan to see if it has kept up with changes in the law and your lifestyle.