Charitable giving can be an important part of estate planning and philanthropy. It is one of the most impactful ways of preserving your legacy. However, making charitable donations requires careful consideration and planning. Certain steps must be taken to ensure compliance and to maximize potential tax benefits. Mason Law & Planning Group helps clients navigate the complexities of charitable giving, making the process relatively seamless and stress-free. We can provide advice on the best way to structure a donation, help with tax deductions and exemptions, structure and facilitate the transfer, and ensure that all legal requirements are met.
Our attorneys strive to create charitable donation plans that will meet the long-term goals of donors. This may include setting up a charitable remainder trust or private foundation, establishing criteria for donations, and determining how to distribute funds. Additionally, we provide guidance on how best to maximize the impact of donations by researching organizations and verifying their legitimacy
If you are planning to donate or contribute to a private foundation, we encourage you to contact our office and request a consultation with our charitable planning attorneys.
Although well-intentioned, charitable donations sometimes have unexpected legal and tax implications that may negatively affect the donor. This is because there are certain rules and regulations that must be followed when making these charitable contributions. Failure to comply with these laws can result in serious consequences, including fines, civil litigation, and even criminal prosecution. It’s important to note that these laws may differ from state to state, depending on the type of charitable giving in question.
In terms of taxes, donors should also be aware that not all donations are tax-deductible. In order to qualify for a deduction, the donation must meet certain criteria set forth by the IRS. Additionally, donors must keep accurate records of their donations to claim a deduction on their taxes. Failure to do so could result in an audit or other penalties.
The charitable planning attorneys at Mason Law & Planning Group have 30+ years of combined experience helping clients plan and execute complex estate planning, tax, and charitable giving strategies. We are committed to using this experience to facilitate your long-term goals and provide you with knowledgeable and informed counsel when you need it the most. Whether you want to make regular contributions or large donations, we can provide you with up-to-date information about changes in the law or income tax requirements that may impact your charitable giving plans in one way or another. It’s our aim to ensure that your donations have maximum impact while meeting all legal requirements.
Call (719) 428-4495 or fill out our contact form to begin a discussion with our charitable planning lawyers in Monument, CO. We also serve Colorado Springs and the surrounding areas.
