Virginia Beach Charitable Planning Attorneys

Proudly Helping Clients with all Charitable Gifting Matters

Do you want to benefit a charitable organization or cause? Your estate plan can provide support for such organizations in a variety of ways, either during your lifetime or at your death. Depending on how your planned giving is set up, it may also allow you to receive a stream of income for life, earn higher investment yield, or reduce your capital gains or estate taxes.

At TrustBuilders Law Group, we know that charity can be very rewarding, but before you decide to gift a substantial amount of money to a charity, you should consider how it will affect your overall estate plan. The last thing you want is to leave your beneficiaries with less money than they expected. Our seasoned team of estate planning and trust lawyers are here to help clients throughout Virginia Beach make charitable gifts, practice good stewardship, and ensure that their best interests are protected.

Important Questions for Charitable Gifting

Creating a charitable gifting plan can be complex, as there are many options and factors to consider. Our attorneys can help you navigate these complexities and find a solution that works for you and your family.

Some important questions to consider:

• Are you currently involved in any charities as a donor, volunteer or board member?
• What types of charitable vehicles will be utilized?
• Will the gifting occur during your lifetime or after your death?
• What type of restrictions will be included with your gift?
• Do you want your children involved in the charitable gifting process?
• Will the gift be anonymous or public?

We work with individuals and families to guide them through the the process, including choosing the right charities and setting up a gifting plan that is efficient and effective.

Strategies for Leaving Charitable Gifts

• Charitable Trusts: You can establish and fund a charitable trust to support both a charity and your beneficiaries. Depending on the type of charitable trust you select, you can provide both an annual income stream for your beneficiaries and leave a future gift to a charity you support.
• Charitable Donor-Advised Funds: A charitable donor-advised fund is usually a cheaper alternative to setting up a private foundation. This strategy allows individuals to recommend distributions from this account to support public charities. With a charitable donor-advised fund, you can also appoint advisors and name successors you trust will carry on your charitable giving in the future.
• Private Foundation: Private foundations are nonprofit organizations that manage their own funds or endowments. At least 5% of a private foundation’s net assets must be paid out annually by trustees or directors. Although managing a private foundation can be challenging and expensive, it is a more flexible option when compared to the others listed above.

If you have more questions about estate planning and charitable gifts, then please reach out to our legal team at TrustBuilders Law Group. We have been serving clients across Virginia since 1978, and we have a stellar reputation for providing excellent customer service and strong legal guidance.

To speak to an attorney at our firm, please call (757) 500-5135 today to request your free consultation. Let us put our skills to work for you!