How does the creation of a public charitable foundation help with estate planning?

Video Transcription:

For some clients, charitable giving is a part of their estate plan. So they could simply have a will or a trust that says, “When I’m gone, or when my wife and I are both gone, a certain percent, or a certain amount, goes to charity.” And that’s gonna be deductible, so it’s gonna reduce the estate taxes, it’s going to reduce the income taxes. But some people want to maintain control of the assets within the family. So, instead of leaving a charitable bequest to a big named charity, instead, I could leave those assets to my own private foundation. And then my children, or my nieces and nephews, or other family members can manage those assets for years and years to come, and make charitable gifts for years and years to come. And by the same token, though, it’s still deductible, as though I had left the money to a big public charity. Have more questions? Then contact us today to schedule a free consultation! Doane & Doane – Top rated Tax & Estate Planning Attorneys