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    Home » Estate Planning » Will Philanthropy Be a Part of Your Legacy?

    Will Philanthropy Be a Part of Your Legacy?

    January 15, 2013Estate Planning

    The 2012 holiday season may have receded into the distance behind us, but the spirit of giving may still be fresh in your mind early in 2013. This spirit can extend into your estate plan.

    Legacy planning can be a part of the equation as you take steps to lend your name to philanthropic efforts. This is obviously something that can be personally rewarding, and doing something for others late in your life can be especially meaningful and even spiritually significant.

    The above having been stated, it is often possible to set aside resources for charity in a manner that has positive tax consequences.

    When you think about charitable giving and legacy planning the formation of a private family foundation may come to mind. Though some extraordinarily wealthy people are famous for starting foundations it is possible for individuals who are not among the super-rich to establish private foundations.

    Many foundations are not staffed, and it is possible to work with a sum of money that is not in the seven figures.

    In addition to the option of starting a foundation donor advised funds are another possibility. With these funds you can make a single donation but recommend that the fund give grants to multiple different charities.

    From an accounting standpoint you are dealing with one entity rather than several so things are simplified. These funds are set up to accept contributions of securities while some charities that you may want to support are not. And, because many people utilize the fund and the infrastructure is in place the administrative costs to the donors are minimal.

    If you are interested in creating a legacy that extends into the realm of philanthropy we would be more than glad to assist you. To set up a consultation give us a call at 908-222-8803 or contact us electronically: Central New Jersey Estate Planning Consultation

     

     

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    Alan Augulis, Estate Planning Attorney
    Mr. Augulis founded his Warren, New Jersey law firm so that he could focus his practice in the areas of advanced estate planning and tax law. Mr. Augulis has invested considerable time and energy helping to educate others on the topic of estate planning and has become a sought-after speaker in the tax and estate planning arena because of his informative and entertaining seminars.
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    About Alan Augulis, Estate Planning Attorney

    Mr. Augulis founded his Warren, New Jersey law firm so that he could focus his practice in the areas of advanced estate planning and tax law. Mr. Augulis has invested considerable time and energy helping to educate others on the topic of estate planning and has become a sought-after speaker in the tax and estate planning arena because of his informative and entertaining seminars.

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