Charitable Trust Planning
Jan 01, 2015OUTCOME: Charitable Planning successfully avoids more than $4 million in estate tax, and meets the client's goals of leaving the majority of his estate to non-profits and charities.
A client came to us at the age of 70, and had previously never considered doing any estate planning. He was an unmarried man with no kids, and very few family members left. He wanted to give some of ... his estate to distant relatives, but the majority of his estate to non-profits and charities. Our client's estate was worth approximately $15 million. Had we not done anything, his wishes would not have been met (his assets would have been distributed under Nevada intestacy laws, and his entire estate would have been given to his distant relatives and none would have been donated to the charities he supported). Further, his estate would have paid more than $4 million in estate taxes. Through some charitable gift and trust planning, our client rests assured that upon his death his family will be taken care of, but more importantly that he will be able to donate more than $10 million to the charities he supports. Further, we have ensured that his estate will not be subject to estate tax and he will have saved millions of dollars.
