After taking care of their families when creating an estate plan, many wealthy people then focus on creating a charitable legacy. Sometimes it can be just a business interest, according to Wealth Strategies Journal in "The Generous Business."
The idea is fairly straightforward. A business owner can give some of her interest in the business to a donor guided charitable fund, which can then be used to make donations to many different charities. Another benefit of doing this is its charitable tax deduction. Doing this should not have a significant impact on the giver, either because as long as control of the business is still maintained, the owner can continue to draw the same salary for work.
An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and may include creating a charitable legacy.
The attorneys and team at Nickerson Law Group help families with estate planning, probate, guardianship, and special needs trust planning in Austin, Cedar Park, Round Rock, Georgetown, Lakeway, Bee Cave, Dripping Springs and the central Texas area. For more information and to learn about our firm, visit Nickerson Law Group’s website. www.estateplanningaustintexas.com
Reference: Wealth Strategies Journal (Jan. 29, 2018) "The Generous Business."