Charitable planning is a thoughtful way to reward the institutions that have meant the most to you during your lifetime. When properly designed and implemented, a charitable plan can also provide you with significant tax and asset protection advantages. Such a plan can ensure that the recipients of your generosity, chosen by you, receive the largest possible portion of your gift, rather than the government.
While there is nothing inherently wrong with giving cash to your favorite charity, you will be able to give much more to the causes and institutions that mean the most to you by giving the appropriate assets instead.
Similarly, such a strategy can dramatically lower your individual income taxes.
Appreciated assets can include anything from stocks with long-term gains, profitable real estate, artworks, collectibles and other assets. While giving appreciated assets can be far more advantageous to you and the recipient of your gift, it can be extremely complicated. If done incorrectly, much of your gift could be lost to taxes and penalties.
At Borkus Law Group, Ltd., our firm has the experience and mastery of the law necessary to create a plan capable of achieving your philanthropic goals and leaving an lasting legacy.