Legal Advice for Philanthropic Giving
Many of the clients our firm serves have significant incomes and assets and wish to use those assets to do good in our local and global community. Through philanthropic giving today and estate planning for the future, we can help you achieve your charitable intentions and maximize the impact of your gift both for the charity and for your estate.
Few Dallas area estate planners have experience with philanthropic giving beyond the naming of specific charities in a Will or Trust. As a board certified specialist in Estate Planning and Probate Law, Chris Parvin has a comprehensive understanding of the estate planning tools that can be used to transfer a charitable gift.
Chris has served as a trusted advisor connecting clients with charitable organizations. As your philanthropic advisor, Chris will:
- Review charities of your choice for financial soundness and effectiveness of service
- Suggest nonprofits that you may not yet know that are doing work compatible with your goals and vision
- Help you plan your gift for the greatest impact for the charity
- Ensure your gift is providing the maximum tax benefit for you and/or your estate and heirs
Charitable Giving Tools
Chris can explain the charitable giving tools available to you, describing the specific benefits each offers to you as a donor, to the charity, and to your estate. Philanthropic giving options include:
- Charitable Trust: A Charitable trust is an entity into which a certain amount of assets (liquid assets or stock) are deposited and managed. The assets are held in the Trust for a specific amount of time and some or all of the interest is distributed to charity and/or to heirs. The type of Trust you choose will determine where the assets ultimately are distributed.
- Charitable Lead Trust: The donor retains control over this Trust, with the charity (and other beneficiaries) receiving interest payments from the Trust for a given period of time. At the end of that period, the assets revert to the donor or to the donor’s heirs.
- Charitable Remainder Trust (also called a Unitrust): With this type of Trust, assets are signed over to the charity for a specific amount of time. A percentage of the net asset value of the Trust is paid out, usually monthly. At the end of the time period, the assets revert to the Trust, not the donor.
- Land trust: This can be used to provide a conservation easement for stewardship of land.
- Private family foundations: Chris can assist you in setting up a foundation and advise you the proper management of a foundation to ensure you remain in compliance with IRS regulations.
- Donor-Advised Funds: A donor-advised fund, offered through a bank or an investment house, is an excellent option for moderate-income households that want to maximize their charitable giving. An irrevocable gift is made into an account and then the donor advises the fund holder where the money should go.
- Endowed Scholarships: Chris can work with the University of your choice to establish a scholarship that supports students in your area of interest.
We are pleased to be able to offer professional services to further your philanthropic and tax-planning goals, as well as providing for your heirs and your legacy. To schedule a consultation, contact our Dallas law office online or call (214) 974-8940.