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Plan your donations to charities so that everybody wins.

Gilbert & Chandler Charitable Deduction PlanningAn important element of estate planning for most high net-worth individuals is making charitable contributions as part of their legacy.

As with all areas of estate planning, this is most effective when the tax implications are fully taken into account.

All too often, contributions are made on an ad hoc basis, which can adversely affect your estate by paying too much tax.

We will help you:

  • Consider how much you want to give and to which charities
  • Plan the timing of your donations to be most tax-effective
  • Create a schedule for donations according to your plan
  • Set up trusts or funds that allow more flexibility with your charitable contributions

Planning your giving

You have spent years working hard and now you want to give back.

Of course, there is an emotional element to this. You want to help people, organizations, and causes that matter to you.

However, your contributions are most effective for everybody concerned (including you, your family, and the community) when they are carefully planned.

Your contributions can be in the form of:

  • Cash
  • Stocks
  • Bonds
  • Real estate
  • Insurance 
  • Business interest
  • Other assets 

Contributions can be structured in various ways. 

They can provide an income to you during your lifetime, with the remainder going to charity after death.

Alternatively, they can provide income to the charity with the remainder going to your final beneficiaries:

  • Planned gifts – including life income gifts, life insurance gifts, and charitable gift annuities 
  • Charitable remainder trusts – where you or your family retain an income stream from the property for a specific time before it passes to the charity
  • Testamentary charitable lead trusts – where you donate some of the trust’s income for a specific period of time and the remaining property is passed to your family members
  • Donor-advised funds – donate a lump sum to a fund set up by a charity, with grants paid to it periodically
  • Conservation easements – for landowners who wish to permanently protect and preserve a piece of land
  • Private foundations – like setting up your own personal charity

There are other options available, such as making a gift of real estate with retained life estate in the donor

This is where you can use the property during your lifetime but it transfers to a named charity after death.

You can also make a charity the beneficiary of your retirement benefits as another tax-effective strategy.

It is not only about being tax-efficient

It may be important for you to minimize income tax by tax-deductible gifts, which reduce your taxable income. You may also be attracted to the reduction in capital gains tax when you make contributions of stock or real estate that has appreciated in value and you almost certainly want to reduce estate taxes.

These are all good reasons to plan ahead.

However, planned contributions can also be better for the charities you help:

  • More predictable income – if the charity is aware of the planned contributions, it is easier for them to plan ahead.
  • They receive the income during your lifetime rather than having to wait until you pass away

A more effective charitable deduction strategy

As you have seen, charitable contributions can get complex. There are many more options than just a one-off contribution.

Considering all your options when planning charitable deductions will help you map out the most effective way ahead. It will also help prevent potential tax issues for you, your family, or the organizations you want to help. Our legal guidance will save you the headaches of trying to go it alone with charitable contributions.

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Testimonials

When it was time to update our estate plan we turned to Kent Phelps.  We were only two days away from an extended trip overseas and needed it done fast but done right – especially with a child who has special needs.  Our documents were completed, signed, notarized and witnessed in a day! And we were confident it was done right because we had the help of an experienced attorney.  So grateful to Kent for going above and beyond so we could enjoy our trip with peace of mind!
Sarah & Andy Weir
We had known for many years that we needed an estate plan but just never got around to doing it.  Our son hired Kent Phelps to do his estate plan and encouraged us to contact Kent and get it done – so we did!   We immediately felt like Kent “got” our unique family situation and knew just what to do. We wish we had done this sooner but what a great feeling it is to know that what we’ve worked so hard for all these years will be protected and go to the right people when it’s our time.  We highly recommend Kent to anybody who needs an estate planning attorney.
Christine & Arvon Jones
Amazing In Every Way! Kent was amazing. He excelled in communication, and he was very understanding and listened to our unique situation. He explained everything in detail and was an amazing advocate for what we wanted to do. I would highly recommend him and his services. 
Eric Zimmerman
We were looking for an estate planning attorney and were referred to Kent Phelps by a friend.  We felt like he really listened to us as we talked about our family and business and what we wanted to accomplish.  Kent took the time to help us understand how living trusts and LLC’s work and how they can help protect our family and property.   The fixed fee approach was also very appealing to us. We were excited when we received our estate planning and LLC notebooks! Being able to have instructions in our trust that make sure our children receive what we leave them in a way that will truly help, rather than harm them has given us the peace of mind we were hoping for.  So grateful we found Kent!
James & Tiffany Larson
Mr. Phelps has provided exceptional work and advice. I have recommended many family and friends to Mr. Phelps because of his professionalism.
Melissa Debnar
Kent’s unique perspective and focused expertise set him apart from his peers. His willingness to completely understand his client’s goals, and only then offer appropriate suggestions is refreshing. With an ability to take complex asset protection strategy and explain it in common context, it is easy to recommend him.
Tim Norris
Mr. Phelps’s services have been used to handle some amendments to business documents following my divorce. The amendments were thorough and filed in a timely manner. While this was a simple transaction, I fully expect the same level of effort on complex transactions. I highly recommend Mr. Phelps for legal needs.
Lance Weber
Kent has ideas and solutions that were very valuable to us. I have recommended Kent and his firm to many of my associates.
Fred Buck
Kent is an exemplary advocate for his clients. It is an honor to have worked with him and witness his high ethical standards.
Kenneth Shapiro

Upcoming Seminars

Peace of Mind Through Proper Estate Planning  

Presented by Attorney Kent Phelps

Monday, March 16, 2020

6:30pm

Sullivans Steakhouse
1785 East River Road
Tucson, AZ 85718

(Dinner Served)

SEMINAR FULL - Call (833) 927-1031 to get on the wait list

Peace of Mind Through Proper Estate Planning  

Presented by Attorney Kent Phelps

Tuesday, March 24th, 2020

6:30pm

Sullivans Steakhouse
1785 East River Road
Tucson, AZ 85718

(Dinner Served)

SEMINAR POSTPONED DUE TO COVID-19 - Call (480) 771-0707 to be first in line for the reschedule!

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