Giving To Family And Charity
“Giving is more than just taking a tax deduction. There is wisdom to it. Planned giving is significantly different for the giver than emotional giving or giving from negative aspects like pressure, shame and guilt. The benefits and positive impacts are also much greater from planned giving, as are the sense of effectiveness and sense of contribution.” — Attorney Bruce Ketron, Esq.
Successful people give of themselves and their money. Some talk about the satisfaction of seeing good things happen while they are still alive. Others talk about the benefits of helping out.
Having limited his law practice to estate planning, trust and probate law, attorney Bruce Ketron has helped numerous individuals and families control their assets and enjoy their success through planned giving strategies.
Only People Without Money Think It Solves Problems
Money and assets need to be taken care of or they will be gone, and often situations are worse than before. This is true of gifts given during life and upon death.
Mr. Ketron offers advice and representation to help people make decisions about:
Gifts to family during life: Tax law allows annual gifts to as many persons as you want each year without any tax consequences or reporting [in 2018 the amount is $15,000]. Gifts of a value over that should be discussed with your lawyer and CPA (a tax return is required to be filed by the person MAKING the gift over that amount). There is a lot to discuss as to your purpose, manner and impact of family gifting.
Gifts to charity during life: Most people give to charity as there are things they care about, and they want to make their caring count. These amounts are tax deductible to “qualified” charities. Successful people look to the accountability of the charity for the purposes of the gift.
Gifting programs during life and at death (or afterward): The common theme is that gifting is an important part of your legacy and what you think is important. That is why it is so important to know about planned giving, which is any plan that involves a goal and action to carry out that goal.
Planned giving to family at or after death: Simply stated, if you leave assets to family or friends upon your death (or to be given to them over time), you are providing resources for them after you are gone. Your true legacy is your impact upon those you care about, so shouldn’t you make the effort to ensure that the impact from your assets is consistent to who you are and what you stand for?
Planned giving to charity at or after death: If it is a large gift to charity, then the large word “philanthropy” is often used, but the idea is the same for charity as it is for family.
Control: There is power and control around money. If matters are to be handled over time, then more attention needs to be given to avoid problems.
Failing To Plan Means Leaving More On The Table Than Just Money
Successful people plan their gifts to family, friends and charity to promote what they believe to be worthwhile and significant. There are steps to follow to give legal effect to your wishes.
From offices in Napa and Santa Rosa, the Law Offices of Bruce Ketron helps people in Napa County and Sonoma County meet their objectives for planned giving. Call 707-226-1700, or complete the email contact form to request a consultation with Mr. Ketron.