A family that has amassed a significant amount of wealth will have special planning considerations that should be addressed directly by an estate planning attorney. When contemplating a major charitable gift, you have several different options at your disposal including charitable trust, private family foundations and donor advised funds. These are all unique and should be discussed in full with your estate planning lawyer. Most families with wealth have plans to gift to charity over the course of their life as well as within their estate, and this notable goal helps to empower a broad range of charitable organizations for years to come. With giving in this manner, a person or a family can establish a clear legacy for the future. 

A charitable trust is one of the most common ways to manage charitable giving over the course of time. This allows you to utilize a charitable deduction currently while making a large one time gift to charity. You can also receive income payments from that property over a period of years or designate another person to receive them. Having a plan helps to minimize tax consequences as well as to maximize what’s given to the charity. Working together with an estate planning lawyer, you can accomplish several goals at the same time.

A private family foundation, however, allows donors to make a one-time substantial gift as well as to stay involved in how that gift is ultimately distributed. You can even name family members to serve on the board of trustees or board of directors. Finally, one other option is donor advice funds. This operates much like a traditional investment account and allows a financial manager to charge a fee and a minimum required initial distribution. Talking over your options with a knowledgeable estate planning lawyer is the first step in accomplishing your estate planning goals and outlining a plan to address your philanthropic considerations and achievements.