Wealth Planning Law Group

Charitable Planning

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At the Wealth Planning Law Group, we are passionate about helping our clients make a positive impact in the world through charitable giving. We believe that giving back is an essential part of creating a fulfilling and meaningful life, and we are committed to providing the tools and resources our clients need to achieve their philanthropic goals.

One of the many benefits of charitable giving is the opportunity to receive a current charitable income tax deduction. This means that you can lower your tax liability while supporting causes that matter to you. But tax deductions are just the beginning.

There are many different strategies for charitable giving, and each one has its own unique benefits. For example, some strategies can help you save on capital gains taxes, increase your income, or provide you with a lifetime income stream. And if you're concerned about estate planning, certain types of gifts can also provide an estate tax deduction, which can be an important consideration when planning your legacy.

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Making the Most of Your Charitable Giving in Louisiana

When it comes to contributing to the betterment of society, it's natural for individuals to want to have some sense of control over where and how their hard-earned money is being utilized. While paying taxes to the U.S Treasury is an inevitable requirement, donating to charitable foundations provides individuals the chance to directly influence where their money is allocated and how it will eventually be utilized for the greater good. Through charitable gifts, donors gain the peace of mind of knowing that their money is going towards a specific cause or organization, and they have the opportunity to witness the tangible impact of their contribution. Our team believes in practicing good stewardship and aiding clients in making donations in the most efficient manner possible that not only benefits their philanthropic goals, but also aids in providing tax benefits.

There are many different ways to make charitable gifts:

  • A charitable remainder trust or a charitable gift annuity will give you an immediate income tax deduction, a lifetime stream of income, and a waiver of capital gains taxes owed on contributed property.
  • A charitable lead trust creates an income stream to charity for a term of years with the remainder of the trust going to your children without any estate or gift tax consequences.
  • A private foundation offers you the considerable freedom to control amounts given by placing restrictions on how your gifts are used by charities.
  • A donor advised fund allows you to maximize your income tax savings on your regular monthly or weekly contributions to church or charities.
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This has been a very general overview of a very complex subject matter. If there are causes or organizations you would like to support, while also maximizing your tax-saving strategies, please Request a Consultation today to explore your options.

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Wealth Planning Law Group

101 W. Robert E. Lee Blvd., Ste 404,
New Orleans, LA 70124

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