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jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3161
Experience:  I've prepared all types of taxes since 1987.
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should i leave my estate to a foundation to avoid ...

Resolved Question:

should i leave my estate to a foundation to avoid paying estate taxes on my estate?
Submitted: 9 years ago.
Category: Tax
Expert:  jgordosea replied 9 years ago.


Charitable giving is one way to avoid estate taxes; but the bigger question is where do you want your assets to be after you are no longer able to enjoy them.

There are different options for setting up a charitable contribution through your estate plan. The easiest is a simple bequest through your will. Remember that charitable contributions are 100% deductible from the value of the estate for estate taxes. Options include charitable remainder trust, a charitable lead trust and private foundations.

Once you have decided where you wish to give your assets, the charity very often has general advice available to help guide you to the option for charitable giving that is best for you. Nonetheless, it is always better to also use an attorney that is representing your interests to review any documents before you sign and to not ever undertake any estate or tax plan that you do not fully understand.

I hope this helps in your plans for charitable giving.

Best wishes.

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