Many Austin area estate planning clients make charitable gifts. Sometimes the motivation is for protection of their pets (the Stevenson Center, Texas A & M University) or support of their church or favorite causes. Often it is to teach their children the value of giving back (donor advised funds are used for this many times). When a family has been devastated by catastrophic illness or disease clients will give to medical and scientific research. Many families will give for feeding and educating children or the homeless.
Other Reasons to Give
In addition to a client’s charitable intentions there are other reasons to add charitable gifts to a Texas estate plan. Charitable gifts can offset income and estate tax liabilities. And these gifts do not necessarily require that a client or his or her family give up the ownership of an asset permanently. We can use many of the various types of charitable trusts to accomplish a client’s goals. Most of these charitable trusts can be established as inter vivos (during your lifetime) trusts or as a part of your Will or trust at your death, known as testamentary trusts.