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Our charitable giving is an untapped area where people do not see the benefits that can be achieved with a charitable vehicle, a charitable corporation, a charitable foundation, our charitable lead trust. There are a whole lot of charitable tools in the toolbox. And I share with people if you have a small desire to give and you have a significant estate, you can achieve a great deal through the use of charitable vehicles. You’ll come out better from a tax standpoint, and even better from a feeling of accomplishment and legacy that you’ve left behind. So it’s something to consider when you have a large estate. When I define largest estate over about 15 million dollars with a company. There are a lot of things that can be done in the charitable realm to save capital gains tax and estate taxes.
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Spring, TX estate planning & probate lawyer Michael C. Riddle explains how charitable giving fits into an estate plan.