Philanthropic tax strategies offer tremendous opportunities to support charities and causes that matter to you while providing specific tax advantages. However, you must understand how to evaluate the pros and cons, as well as liabilities and benefits, for the options available to you in order to make the best decision considering your situation. That’s where Skalski Law comes in.
We can review your needs, goals, and assets alongside the legal and tax implications of any path. Throughout this process, we will discuss the anticipated tax benefits and cash flows of the various alternatives. There are countless scenarios, each with their own set of possible outcomes. It’s essential to involve an expert who can walk you through a comprehensive assessment to get you to a well-structured course of action.
Sometimes, the ideal decision involves navigating strict criteria, extensive paperwork or filings, and ambiguous laws. For example, there can be wonderful benefits for donating your real estate in a conservation capacity, but there is a substantial amount of regulation involved. We don’t want this to intimidate you or dissuade you from doing what’s best. Let’s work through this together, and we can offer both the legal and tax advice to tackle these challenging aspects on your behalf.
Philanthropic tax strategies we can assist with include:
- Conservation Easements
- Charitable Giving
- Charitable Remainder Unitrusts (CRUT)
- Charitable Remainder Annuity Trusts (CRAT)
- Charitable Gift Annuities
- Donation of Appreciated Stock or Securities
- Donation of Real Estate
- Setting up a Not-for-Profit Entity, like a Foundation
Below are some examples of scenarios and questions we can address for you:
- What is the easiest way to give philanthropically?
- What is the preferred way to give philanthropically, considering my situation?
- I inherited some land, and I’d like to sell the real estate and donate a percentage of the proceeds to my church. What should I do? Is this the best way to both maximize my revenue and my contribution?
- I’m nearing retirement. How does this affect my options, and which course of action is best at this stage of my life?
- How can land conservation donations help me with cash flow?
Call Skalski Law today to begin crafting your philanthropic tax strategy.