Charitable Estate Planning in Texas
Serving Clients in Boerne, New Braunfels, San Antonio and the Surrounding Area
At McCammon Law, PC, we encourage and assist the tradition of giving to charitable causes. In addition to being a Texas licensed estate planning attorney and CERTIFIED FINANCIAL PLANNER®, Shawn McCammon is a Certified Kingdom Advisor (CKA®), which allows faith-based clients to work with someone who has committed and been trained to be a person of character offering faith based clients biblical legal and financial advice so that clients can confidently navigate planning decisions as faithful servants. Shawn can help you balance your personal goals and make charitable gifts in your San Antonio estate plan.
In addition to the many personal rewards inherent in making a charitable gift, most gifts also provide a current charitable income tax deduction. Some charitable giving strategies also save capital gains taxes, increase income, and provide you, or whomever you designate, with an income for life. Additionally, these types of gifts may provide an estate tax deduction — an important consideration in planning your estate.
Making the Most of Your Charitable Giving in Texas
If given the choice between paying taxes (involuntary philanthropy), or making a charitable gift (voluntary philanthropy), most people would choose the latter, because it gives them the benefit of knowing who the money will benefit and how it will be used. The same cannot be said for money paid to the U.S. Treasury. Our law firm helps clients make charitable gifts in their San Antonio estate plan and practice good stewardship in the most tax-efficient manner.
There are many different ways to make charitable gifts:
- A charitable remainder trust or a charitable gift annuity will give you an immediate income tax deduction, a lifetime stream of income, and a waiver of capital gains taxes owed on contributed property.
- A charitable lead trust creates an income stream to charity for a term of years with the remainder of the trust going to your children without any estate or gift tax consequences.
- A private foundation offers you the considerable freedom to control amounts given by placing restrictions on how your gifts are used by charities.
- A donor advised fund allows you to maximize your income tax savings on your regular monthly or weekly contributions to church or charities.
For more ideas, read our article Charitable Giving and Your Estate Plan.
This has been a very general overview of a very complex subject matter. If there are causes or organizations to which you would like to make charitable gifts in your San Antonio estate plan while also maximizing your tax-saving strategies, please contact Attorney Shawn McCammon to explore your options.