Estate planning is about much more than simply distributing assets after you pass away. It is also about leaving a lasting legacy—one that reflects your beliefs and values. Charitable planning is an excellent way to accomplish this and reward the people and institutions that have come to mean the most to you during your lifetime. When properly designed, a charitable plan can provide significant tax advantages for your estate and ensure that the recipients of your generosity—not the government—receive the greatest possible portion of your gift.
While nothing is wrong with simply writing a check to your favorite charity, you’ll be able to give much more, and quite possibly reduce your tax liability, by giving appreciated assets instead. These can include anything from stocks with unrecognized long-term gains, to artwork, collectibles, profitable real estate, and more. It is important to remember that even though giving appreciated assets can be beneficial for you and your charitable causes, if it is done incorrectly, much of your gift will be lost to taxes and even penalties.
Our attorneys have the experience and mastery of the law to help you create a plan to achieve all of your philanthropic goals and leave a lasting legacy. Contact us at your earliest convenience to schedule a consultation with one of our Honolulu charitable planning attorneys.