New Albany Charitable Planning Attorney for Estate & Charitable Donations in Indiana
Over 450 billion dollars is given to charities across our country each year. While much of the motivation behind such giving is simply to help those in need, it is vital to understand that charitable donations can also provide significant tax advantages.
At Plitz Estate Planning, we help residents of New Albany and the surrounding communities successfully incorporate charitable giving strategies into their estate plans. If you are interested in learning about the tax advantages associated with donating to charities and nonprofit organizations, we invite you to call our office to schedule a free initial consultation with experienced Indiana tax planning lawyer Jim Plitz.
Indiana Charitable Planning FAQs
Yes. While cash gifts can be beneficial to charitable organizations, donating appreciated stock can provide additional tax advantages. A charity is tax-exempt, meaning it can sell appreciated shares of stock without having to pay gains. In contrast, an individual would be responsible for paying long-term capital gains tax if they were to sell the shares before making a cash donation to a charity. Thus, if an individual contributes appreciated stock directly to a nonprofit, the long-term capital gains tax will be bypassed.
A charitable remainder trust (also referred to as a CRT) is an irrevocable estate planning document designed to convert an individual’s highly appreciated assets into a lifelong income stream while minimizing estate and capital gains taxes. CRTs are highly beneficial in that they not only provide valuable tax advantages, but they enable individuals to provide gifts to one or more charities.
A CRT can potentially:
- Minimize or eliminate capital gains taxes on the sale of appreciated assets;
- Significantly reduce estate taxes (that would otherwise need to be paid by your beneficiaries);
- Reduce income taxes by providing a sizable income tax deduction;
- Maximize the assets your family will receive after your passing;
- Avoid probate; and
- Provide vital support for charitable organizations.
Charitable Estate Planning Can Open the Door to Significant Tax Benefits & Provide Support For the Charities You Value Most!
If you are interested in exploring the benefits of supporting charities and nonprofits, we invite you to call our office to schedule a free initial consultation with experienced New Albany tax planning attorney Jim Plitz. Once he has learned about your assets and objectives, he can explain whether charitable giving may be an advantageous, tax-saving addition to your estate plan.
John and I first met Jim when we needed to update our Trust. He was knowledgeable, competent, and personable. However, I appreciated him much more after John’s death. He understood the grief! He walked me through the steps to divide and update the trusts…
Jim was extremely helpful in creating our trusts and other legal documents. Since I have some training in contracts, Jim was very accommodating and worked with me on changes that I suggested. If I did not understand some aspects of the legal documents, he was very willing to provide a thorough and clear explanation…
We would recommend James as a Trust Attorney without hesitation. While he is extremely knowledgeable, he is also down to earth. He takes the time to educate you using every-day layman’s language. He is genuinely interested in you and not just interested in what he needs to know to do the job and receive payment…
James Plitz is the best! He is always there when you need him to help answer any questions about your Estate Planning. The Estate Planning that he does for you is outstanding! I lost my husband 4 years ago, and James was amazing in all the help that he gave me in navigating that process…
Jim is a great resource for our trust. He is easy to contact, very knowledgeable, and patient. His personable manner makes it easy to discuss and resolve complicated issues. His explanations are relatable and down to earth. Thanks Jim!
My wife and I have discussed a few changes in our living trust with James Plitz and we think he has given us some very good advice. It has been a pleasure working with him.
Jim is upright, honest, and outstanding at what he does. He works hard and tries to do the right thing by his clients.
I began my relationship with My. Plitz when he was in New Mexico and enjoyed the expertise and care he provided. I felt secure with him and had confidence in the consulting work he will continue to do on my behalf as he transitions to his own estate planning firm in Indiana.
It is my privilege to be working with Jim. From the moment we met, I knew that he was the person I wanted to represent me. He instilled a quiet confidence, excellent knowledge – trust and respect. I would always want Jim ‘in my corner’!..
Jim knows his business. I especially like how he gets back to us quickly with understandable explanations to our questions. I have recommended Jim to friends who have been equally pleased…
Satisfaction Guaranteed – If you are not 100% satisfied with the service or process within 60 days of signing your estate planning documents, you will receive a full refund.