NJ Lawyers | Middlesex County Estate Planning Law | Clark
Clark | 07066Charitable donations are 100% deductible from your estate. Since the rates for federal gift and estate taxes can be as high as 55% in some cases, charitable giving can be an important savings for your estate. Speak to a seasoned charitable giving lawyer, such as Vince Maverick, to discuss all your options when dealing with a charitable giving. He has assisted many families and homeowners in Clark and throughout Middlesex County, NJ. The most efficient way to put a charitable gift in place is with a trust. A revocable living trust can be set up to provide for these bequests and the remainder of the estate can be divided among the beneficiaries. Trusts enable the donors to maintain control over their assets during their lives. A Charitable Remainder Trust (CRT) is a type of irrevocable trust in which you place assets to provide income for you during a specific period of time, typically your life. At the end of that period, the assets which were transferred into the trust will be given to the charity or charities you have chosen. The basic difference between a CRT and a CLT is that in a CRT, the charity receives the trust assets at the end of the term, usually your life, whereas in a CLT the beneficiaries receive the trust assets. You can also set up your own private foundation which can provide for periodic gifts, or can fund scholarships, grants, or other worthy causes. The critical thing to remember is that without a will or a trust or one of the irrevocable charitable trusts, charities you may have wanted to benefit will not receive those gifts. The charitable giving lawyers at Maverick & Peters, LLC can walk you through each step of the way during this difficult phase of your life. Families in Clark NJ can greatly rely on the sound advice by these experienced estate planning attorneys. Call them today to get started right away. Other types of charitable giving includes: charitable lead trust; charitable remainder trust; net income unitrust; flip unitrust; charitable gift annuity; donor-advised fund; community endowment; private foundation; and more. A net income unitrust is similar to a charitable remainder trust except that each year it pays a stated percentage or the net income earned from the trust, whichever is less. These trusts may include makeup provisions, which allow deficiencies to accumulate and to be made up in subsequent years if the trust's net income exceeds the stated percentage. A flip unitrust is similar to a charitable remainder trust, but with certain features of a net income unitrust for a period of time. You transfer cash, securities, real estate or other appreciated property to a trust. The trust pays non-charitable beneficiaries the net income only until a specified time when it 'flips' and begins to pay a percentage of the assets revalued annually. The principal passes to the charitable institution when the trust ends. A community endowment is a tax-exempt public charity created by and for the people in a local area or within a religious or ethnic community. Community foundations provide grants, either through discretionary income or through donor-advised or donor-directed funds, for a wide range of purposes, largely within the geographic service area of the foundation. Charitable giving attorney, Vince Maverick, can help you navigate through the complexities of charitable giving in Clark NJ. Get the help you deserve by calling him today. Charitable Giving Lawyers serving South Plainfield, Avenel, Bound Brook, Clark, Colonia, Dunellen, Edison, Fanwood, Fords, Green Brook, Iselin, Metuchen, Middlesex, North Plainfield, Piscataway, Plainfield, Rahway, Scotch Plains, South Bound Brook, Warren, Woodbridge, and throughout Middlesex County.
Clark | 07066
Charitable Giving Attorneys in Clark, NJ
07066 Estate Planning Law Firm
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Maverick & Peters, LLC 114 Oak Tree Ave, South Plainfield, NJ 07080 (908) 899-1661 http://www.SouthPlainfieldAttorneys.com/
Charitable Giving Lawyers in New Jersey
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Clark Law Firm - All Practice AreasMaverick & Peters, LLC specializes in the following Practice Areas: Accident Law, Bankruptcy Law, Business Law, Civil Law, Criminal Law, Divorce & Family Law, Employment Law, Estate Planning Law, General Practice Law, Immigration Law, Injury Law, Real Estate Law, and more.Attorneys | Estate Planning Law | Clark | 07066
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