A well-crafted estate plan can provide for a charitable organization or cause in a variety of ways, either during your lifetime or upon your death.
Planned gifts include life income plans (pooled income funds, annuities, and remainder trusts), as well as lead trusts, bequests, real estate, tangible personal property, closely held stock, life insurance, and gifts of a remainder interest in a home. You may decide that your gift will benefit charities, religious organizations, educational institutions, or other groups.
Each gift option offers various benefits, such as letting you receive a stream of income for life, earning higher investment yield, or reducing your capital gains or estate taxes.
The Bowditch estate planning team will work with you to explore the various options and your personal benefits to determine the best gift to make.
How we can help
- Outright gifts
- Cash bequests
- Real estate donations
- Art donations
- Collectibles donations
- Historic easements
- Conservation easements
- Retained life estate contributions
- Bargain sales
- Part-gift, part-sale transactions
- Pooled income funds (PIFs)
- Charitable Gift Annuities
- Charitable trusts
- Charitable organizations, such as private foundations and private operating foundations, supporting organizations, and public charities
- Corporate and business charitable planning
- Tax-exempt organizations
- Income tax charitable deduction
- Estate and gift tax charitable deduction
- Other charitable giving tools and planning services
A charitable foundation for the widow of a client
A woman’s deceased husband was a wealthy, long-time business client of the firm. We suggested to the widow that she was wealthy enough that she could do something significant for her community, and, in time, she acted on this advice. We helped her set up a private foundation, to which she gave several million dollars. The foundation served as the catalyst for a new YMCA in the family’s town.
Complex individual and corporate tax planning involving a charity
The client was a business person with real estate held by the business and leased to a non-profit charity. He wanted to reduce his estate and income tax burden and maintain cash flow. We helped the client plan and create a charitable remainder trust funded with the real estate, getting it out of his estate for tax purposes and obtaining an income tax charitable deduction.
Updated estate plan reflects tax minimization, charitable giving and post-retirement income
We started out years ago preparing the couple’s basic estate planning documents, and we’re now on our third plan update. As part of their current update, we advised the clients on several charitable giving techniques. We negotiated gift agreements with their alma maters and a local community foundation and also created a charitable remainder trust which will benefit a number of charities when the couple are deceased. Meanwhile, the trust generates income for the clients during their retirement years. We are also handling a complex series of investment and insurance transactions that minimize tax liability and maximize post-retire income. We serve as co-trustee for the couple’s estate plan.
Advised a recently widowed client on income and estate tax issues
The client, who is in her early 80’s, had depended upon her recently deceased husband to manage the couple’s finances. Their net worth was approximately $2 million. We identified several income and Massachusetts estate tax issues. As part of the engagement, we reviewed and revised the client’s estate tax plan, created an LLC to hold a small rental property, and advised the client on a lifetime gifting plan. The client was so pleased with our service that she decided to have Bowditch & Dewey prepare her income tax returns.
Katherine Dorval Writes “Amending The IRS’s Anti-Clawback Provision On Gifting” for Financial Advisor
Eileen Lee Breger Writes “10 Things I know about … Protecting your family’s money” for the Worcester Business Journal
Client Alert: Virtual Notarization Act Extended in Massachusetts
Kristin Shirahama Writes “Plan Ahead for Potential Estate and Gift Tax Changes” for Rethinking65
Events + Recordings
Eileen Lee Breger Presented at The Carroll Center for the Blind’s Webinar “Leaving Your Legacy: Planned Giving Basics”
Katie Dorval Presented “How to Be a Financial Badass in Yours 50s and Beyond” at the Worcester Women’s Leadership Conference
Eileen Lee Breger Presented “Estate Planning 101: Breaking Down the Basics” at Senate President Karen Spilka’s Health and Wellness Fair
Eileen Lee Breger Presented “Estate Planning 101: Breaking Down the Basics” for the MetroWest Chamber of Commerce (Webinar)
Meg DeLanders Appointed to the Board of Advocates for Big Brothers Big Sisters of Central Mass & MetroWest
Meg DeLanders Elected to Board of Directors of Boys & Girls Clubs of MetroWest
Press Release: Attorneys Mark Borenstein and Anthony Dragga Elected to Partner
Eileen Lee Breger Elected to Board of The Carroll Center for the Blind
Don’t Tax Yourself
Eileen Lee Breger to Present at The Carroll Center for the Blind’s Webinar “Leaving Your Legacy: Planned Giving Basics”
Important Provisions from SECURE Act 2.0 for Individuals and Nonprofits
Eileen Lee Breger to Present “Estate Planning 101: Breaking Down the Basics” for the MetroWest Chamber of Commerce (Webinar)