If you are looking for a charitable planning attorney in Las Vegas, working with someone who can help you develop a strategic plan that accounts for your short- and long-term goals is essential. Charitable planning ensures your generosity benefits the causes you care about while minimizing tax burdens and simplifying the estate administration process.
At Mills & Anderson, we offer experienced, personalized guidance for individuals and families seeking to pursue charitable planning. With over 40 years of combined experience, our team serves clients in Las Vegas, Henderson, North Las Vegas, Clark County, and surrounding areas.
Our attorneys are committed to providing straightforward, strategic advice and guiding you toward your personal and charitable goals.
What Is Charitable Planning?
Charitable planning involves creating a structured plan for donating assets to charitable organizations during one’s lifetime or after. It is often part of a larger estate plan that includes a will, one or more trusts, and other documents and designations to plan for incapacity or death.
Charitable Planning Methods
Many methods exist to incorporate charitable giving into your financial and estate plans, from direct gifts with no strings attached to more involved arrangements. Each option offers unique benefits. You can combine multiple strategies and tailor each to your needs and goals.
Outright Gifts
Outright gifts are the most direct method of charitable giving. Gifts may come in the form of:
- Cash donations—a straightforward gift to a qualified charity;
- Appreciated securities—stocks, mutual funds, or other investments that have increased in value; and
- Tangible personal property—physical belongings such as artwork, vehicles, or collectibles.
These donations can provide income tax deductions for the donor in the year given to the organization.
Charitable Trusts
Charitable trusts offer donors flexibility, long-term structure, and tax advantages. They are especially useful when managing large gifts or complex assets. Common charitable trusts include:
- Charitable remainder trusts (CRTs)—provide income to you or other beneficiaries for a set term or life, with the remainder going to a charity;
- Charitable lead trusts (CLTs)—distribute income to a charity first, with the remaining assets eventually passing to your heirs; and
- Flip charitable remainder unitrusts (flip CRUTs)—begin as income trusts and convert into CRTs after a triggering event.
Individuals often use charitable trusts to reduce estate and gift taxes while providing long-term support for charitable causes.
Donor-Advised Funds
Donor-advised funds (DAFs) are accounts managed by public charities that allow donors to recommend grants to charitable organizations over time. Benefits of DAFs include:
- Flexible giving, allowing you to recommend distributions without the administrative burden of managing a foundation;
- Immediate tax deduction in the year you donate, even if the organization issues grants later; and
- Potential family collaboration on grant recommendations, helping foster a tradition of shared philanthropic values.
DAFs are an excellent option for individuals who want flexibility in how and when charitable organizations receive their gifts.
Private Foundations
Individuals or families may establish private foundations, which offer a high degree of control over charitable activities. Benefits include:
- Direct management. You control investment decisions, grant recipients, and charitable initiatives.
- Long-term vision. You can structure foundations to last for generations and reflect your philanthropic values.
- Employment opportunities. The foundation may employ family members in administrative roles, provided compensation is reasonable and complies with IRS regulations.
Although foundations require strict compliance, ongoing management, and typically require significant wealth, they allow for a deeply personal approach to giving.
Bequests and Planned Gifts
Planned gifts allow donors to include charitable contributions in their wills or trusts, creating a legacy after death. These gifts may involve:
- Specific bequests—gifts made through a will or trust specifying dollar amounts or particular assets to go to named charities;
- Percentage gifts—a fixed percentage of your estate; and
- Residuary gifts—the remainder of your estate, after satisfying all other obligations.
Using your will or testamentary trusts (trusts created after death) to plan gifts offers the flexibility to make changes during your lifetime, allowing your estate plan to evolve with your intentions, while possibly reducing your taxable estate and simplifying estate administration.
Benefits of Charitable Planning
Charitable planning offers more than just the satisfaction of giving back. Charitable giving can provide powerful benefits for you, your estate, your loved ones, and your chosen causes.
Some of the most valuable benefits include:
- Income tax deductions. When you donate to a qualified organization, you may be eligible to deduct your donation from your taxable income.
- Estate and gift tax reduction. Charitable donations reduce the total taxable value of your estate, which can lower or eliminate estate and gift tax liability.
- Capital gains tax avoidance. By donating appreciated property directly to a charity rather than selling it, you may avoid capital gains tax, and the charity can sell the asset tax-free.
In addition to tax benefits, charitable planning can:
- Streamline estate administration by reducing the assets subject to probate,
- Lower the risk of family conflict by clearly expressing your wishes, and
- Provide administrative clarity and control to you now and your loved ones in the future.
Charitable planning allows you to shape your legacy and pass on values, not just assets.
What Does a Charitable Planning Attorney Do?
A charitable planning attorney plays a critical role in helping ensure that a charitable plan efficiently and effectively meets the plan creator’s goals. Working with a knowledgeable, experienced lawyer can help you maximize the positive impacts of your generosity on the causes that matter most to you.
Services Offered
Charitable planning attorneys provide several essential services, including:
- Advising on tax implications. Identifying opportunities for income, estate, and gift tax savings.
- Drafting legal documents. Preparing wills, trusts, charitable organization foundation documents, and gift agreements to ensure your wishes are legally protected.
- Creating custom strategies. Designing personalized charitable plans tailored to your financial goals, family needs, and philanthropic passions.
In addition, these attorneys ensure compliance with IRS regulations, help you evaluate the best vehicles for giving, and coordinate with financial advisors and tax professionals to implement an integrated plan.
Benefits of Hiring a Charitable Planning Lawyer
Charitable giving can be complex, and even well-intentioned philanthropic gifts can be ineffective or bring unintended consequences. A Las Vegas charitable planning attorney ensures that your plan reflects your intentions, helps you identify effective ways to meet your goals, and creates documents that align with state and federal law.
They can also help you:
- Identify the best strategies for your unique circumstances,
- Create legally valid documents,
- Respond to any legal challenges,
- Ensure donations go to the correct place with the correct terms, and
- Avoid unnecessary taxes.
Their advice provides peace of mind that your gifts will leave a positive, lasting legacy.
Ready to Create a Charitable Plan? Mills & Anderson Can Help
Charitable giving can be one of the most meaningful aspects of estate planning. Whether you want to donate during your lifetime, create a lasting legacy through charitable estate planning, or both, Mills & Anderson is here to help. We bring decades of experience, deep knowledge of Nevada law, and a genuine commitment to serving our community.
Reach out today to speak with a charitable planning attorney in Las Vegas or one of our other locations. We are ready to help you create a charitable plan that reflects your vision and protects your legacy.
