Wealthy families frequently give back to their communities, both during their lifetimes and following death. Large monetary gifts and gifts of unique assets require special expertise. With large pledges, it is important to have contractual assurances that the funds will be used as intended at the time of the gift. Similarly, in the case of gifts of artwork to museums during life or upon death, the donor should receive assurances that such artwork will actually be displayed as intended.
Our team has significant experience in designing, negotiating, and implementing large gifts to charitable organizations, both in the case of lifetime gifts as well as gifts designed to be given at death.
It is common for philanthropic families to set aside funds for charitable purposes before having made a complete decision on the exact uses of such funds. When this circumstance arises, our team can guide clients in the use of donor-advised funds and, where such funds are large, assist the family in the creation and administration of a private family foundation. We have also assisted generous clients in creating and maintaining public charities to fill needs in the community.
There are a variety of tax savings strategies that can be combined with charitable planning to maximize the overall value of the plan and minimize taxation. For wealthy families, incorporating strategies that involve charitable trusts may ultimately reduce estate and gift taxes payable by such families while increasing funds that can be given to a combination of charities and individual beneficiaries.