Atlanta Charitable Giving Lawyer
Charitable Contributions & Your Estate Plan
Charitable giving can be an essential part of estate planning. It offers a way to support a worthy cause (or causes) while enjoying the tax benefits that come with this. At Meyring Law Firm, we offer charitable planning counsel to clients in the Atlanta area who are interested in nonprofit creation, private charitable foundations, charitable trusts, and other means of giving. Strategic charitable planning can maximize tax benefits and the donations that chosen charities receive.
Find out more about including charitable giving in your estate plan by calling (678) 257-3332.
Creating Your Own Private Charitable Foundation (Nonprofit Creation)
Creating a private charitable foundation is an ideal way to incorporate charitable giving into your estate plan. This funds charitable activities by way of grants and other gifts under Section 501(c)(3) of the Internal Revenue Code, which applies to nonprofit organizations. Unlike public charities, private charitable foundations are most often created by sole benefactors.
When Can a Private Charitable Foundation Be Created?
A private charitable foundation may be created during your lifetime or established after you have passed on. You will have a good measure of freedom in creating the foundation and making decisions on who will run it, which charities to support, and more. The person or persons you choose to run the foundation can receive reasonable salaries. They can be your children, other family members, friends, loved ones, or whoever you deem fit to run the foundation.
Are Assets Given to Private Charitable Foundations Exempt?
Any assets you give to a private charitable foundation will be exempt from estate tax, even if you give the foundation your entire estate. No capital gains tax will be levied against any assets sold by the foundation. Upon donating assets to the foundation, you can receive a charitable income tax deduction. The tax-related advantages are significant, particularly when planned with the help of an Atlanta charitable giving attorney who has experience with nonprofit creation.
A charitable trust, whether a charitable remainder trust or a lead trust, offers another way to contribute to causes you care about. In addition to donating assets to nonprofits and offering significant tax breaks, a charitable trust can provide a much-needed income stream.
- With a charitable remainder trust, the donor transfers assets or property to an irrevocable trust, which means assets cannot be removed once they are transferred in. The trust will then pay income to at least one beneficiary, which may be the donor themselves or one or more named individuals. These payments can continue for up to 20 years or for the life of the beneficiary or beneficiaries. Once the payment term has ended, the remainder of the trust will pass to one or more qualified charitable organizations. This remainder must be at least 10% of the net fair market value of assets initially put in the trust.
- A charitable lead trust operates similarly, but income will first be paid to one or more charitable organizations for a set term. Once that term expires, the remaining assets will pass to one or more named beneficiaries.
Preserve Your Legacy with Meyring Law Firm
If you have causes, organizations, and charities that you want to support, Meyring Law Firm can help you put a plan in place that will protect your contributions, allow you to give more, and provide significant tax benefits. Whether you’re considering nonprofit creation, establishing a charitable trust, or leaving assets to a charity in your last will and testament, we can help. Charitable giving can be complex, and the best way to ensure the protection of your interests and the fulfillment of your wishes is by involving a competent attorney.
"I contracted Robert for service and was extremely pleased with the entire experience."Eleanor W.
"I enjoyed the small firm atmosphere, courteousness, and competent staff members. I can honestly say that there was no pressure and Mr. Meyring took the time to answer all of my questions."Former Client
"I am grateful to Mr. Meyring for his support"Stephanie
"We are comforted by knowing that should anything happen to my mother, her wishes will be followed. We are VERY grateful to Mr. Meyring and to Catie for all their efforts."Rebecca H.
"I was very impressed with the services that I received at the Meyring Law Firm."Steve R.
Robert S. Meyring AttorneyRobert S. Meyring is the managing attorney of Meyring Law Firm (established 2007). Before law school, he worked as an FDA investigator, was a Peace Corps volunteer high school science teacher in Tonga, South Pacific, and was the owner/operator of a residential landscape firm.View Profile
Helping with Estate Planning & Probate
In Atlanta, Georgia
Our legal team proudly serves clients all across the greater Atlanta area!
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An individual can write his own will in Georgia but must follow certain statutory rules laid out in order to ensure the will is deemed valid by a probate court.
People hire a probate attorney because the benefits of having an attorney outweigh the costs of time and effort. Mainly people hire a probate attorney to save time and energy, reduce their worries, and navigate the probate process with a professional. So no, you do not need a lawyer to probate a will, if it is worth the time and effort to do it yourself.
Executor is the person named in the last will and testament that's appointed by the probate court to administer the estate of the decedent according to the will.
In Georgia, there is a legal mandate for the holder of a will to submit it to the court for probate per O.C.G.A. § 53-5-5. If a will is not filed with the court, any heir or beneficiary can petition the court to direct the will holder to file the will with the proper court. Wills are meant to be public documents once the grantor has passed away. Sometimes if a will is not filed with the court, beneficiaries and heirs cannot take legal possession of assets specified in the Last Will and Testament.