At Russo Law Group, our skilled attorneys advise our clients on the most efficient way to structure their charitable giving. Using a variety of charitable planning techniques, we help our clients achieve their philanthropic goals while also maximizing income tax deductions and reducing the size of their estate.
Charitable trusts, donor-advised funds (DAFs) and private foundations are just a few of the charitable planning strategies that offer valuable income tax and estate planning benefits. Whether it is a gift of cash, stock, or appreciated property, our attorneys are there to advise you on the best option given your charitable and financial goals.
Estate Tax Planning
Since 1916, the federal government has imposed an estate tax on the value of an individual’s estate upon death. In the late 1970’s, the federal government bolstered this system by linking the estate tax with a gift tax (a tax on gifts made by an individual during their lifetime) and a tax on generation-skipping transfers (GST) (a tax on transfers to recipients who are two or more generations younger than the donor). As a shock to some, many states, including New York, also impose an estate tax on top of the already burdensome federal tax.
Currently, in 2017, taxpayers who are subject to estate, gift or GST taxes are generally taxed at the top rate of 40%. Because of a historically high exemption, which likely exempts a large portion of our clients’ estate, this tax only burdens those with an estate over $5.49 million ($10.98 million for married couples). However, those with an estate in excess of this exemption may find that a large portion of their estate is diverted to the federal government rather than to their loved ones.
At Russo Law Group, our attorneys have assisted thousands of families to achieve their estate planning goals. Through years of service, our attorneys have acquired deep knowledge of all aspects of estate planning. Whether routine or sophisticated, our goal is to assist our clients in minimizing tax, whether it be estate, gift, or GST taxes.
We assist our clients to efficiently structure their estate using a variety of planning options including:
- Wills and Revocable Trusts
- Irrevocable Life Insurance Trusts (ILITs)
- Grantor Retained Annuity Trusts (GRATs)
- Qualified Personal Residence Trusts (QPRTs)
- Charitable Remainder Trusts (CRTs) and Charitable Lead Trusts (CLTs)
- Sales of Assets to Grantor Trusts
- and many more.