Many clients, especially after they have had an especially profitable year, ask our team about how to best structure their charitable giving. Giving money away is a noble goal, and part of our job as estate planning attorneys is to help you figure out how to have the greatest impact…
Individuals may wish to put some of their hard-earned assets toward charitable causes or organizations throughout and at the end of their lives. While charitable gifts and lump sum donations may seem generous, they can sometimes incur unexpected tax benefits that require caution. One way to charitably donate in a…
Selecting the right legal instrument for a charitable donation can help ensure that your good deed goes unpunished. One effective but lesser-known instrument for charitable donations is the charitable lead trust (CLT). Donors can set up this type of trust in Houston to provide a stream of income to a…
For many, philanthropy and charitable giving is an important part of their life. For these philanthropic individuals, it is common to leave assets at the time of their death in order to continue the legacy. However, at the same time, it is still important to minimize their tax burden both…
Benefits of Charitable Giving When it comes to planning your Houston estate plan, one tool that should not be forgotten is charitable giving. As an estate-planning tool, charitable giving has two primary benefits. First and foremost, it provides an opportunity to give back and support the causes we care about.…
A will or trust explains what you want to have happen to your assets when you die, hopefully in a very, very long time. While most people understand that a will explains what to do with money, property, and children, there are other parts you might be surprised by. MSN’s…
A fear that children will not be motivated to have careers because of their family’s wealth is a concern. However, in the long run, it can hamper how wealth is handled by the next generation. In a perfect world, discussing a family’s legacy should be a process that begins when…
Estate planning attorneys and CPAs all keep an eye on letter rulings to see if IRS decisions have any bearing on their own client’s situations. In this case, a taxpayer is setting up a revocable trust and wants to use a Charitable Lead Annuity Trust known as a CLAT. A…
The fight over Conrad Prebys’ $1 billion estate continues, three years after the San Diego developer and philanthropist died. When the directors of the Conrad Prebys Foundation decided to give his son Eric $15 million, despite the fact that his father had left him out of the will, Preby’s longtime…
Some people give generously all year long, supporting local nonprofits and taking care of their family members. If that’s you, perhaps it’s time to consider taking a more strategic approach to lifetime giving. Not everyone gives because they are looking to minimize their taxes. If you’ve reached the age and…