Your Consultation
Monthly E-Newsletter Subscription
Educational Center
Contact Us Today

Font Size:

Charitable Planning in Connecticut

Serving Families and Individuals in Guilford, New Haven and Madison, CT


At Sullivan & Griffith, LLP, we encourage and assist the tradition of giving to charitable causes. In addition to the many personal rewards inherent in making a charitable gift, most gifts also provide a current charitable income tax deduction. Some charitable giving strategies also save capital gains taxes, increase income, and provide you, or whomever you designate, with an income for life. Additionally, these types of gifts may provide an estate tax deduction — an important consideration in planning your estate.

Making the Most of Your Charitable Giving in Connecticut

If given the choice between paying taxes (involuntary philanthropy), or making a charitable gift (voluntary philanthropy), most people would choose the latter, because it gives them the benefit of knowing who the money will benefit and how it will be used. The same cannot be said for money paid to the U.S. Treasury. We help clients make charitable gifts and practice good stewardship in the most tax-efficient manner.

There are many different ways to make charitable gifts:

  • A charitable remainder trust or a charitable gift annuity will give you an immediate income tax deduction, a lifetime stream of income, and a waiver of capital gains taxes owed on contributed property.
  • A charitable lead trust creates an income stream to charity for a term of years with the remainder of the trust going to your children without any estate or gift tax consequences.
  • A private foundation offers you the considerable freedom to control amounts given by placing restrictions on how your gifts are used by charities.
  • A donor advised fund allows you to maximize your income tax savings on your regular monthly or weekly contributions to church or charities.

This has been a very general overview of a very complex subject matter. If there are causes or organizations you would like to support, while also maximizing your tax-saving strategies, please contact us to explore your options.

Guilford, CT estate planning law firm, Sullivan & Griffith, offers comprehensive life planning through estate wills & trusts, revocable living trusts, probate avoiding planning, estate administration, trust administration services, trustee and fiduciary services, estate tax planning, trust funding, charitable planning, business success planning, limiting liability planning, asset protection, special needs planning, and Medicaid application and services. Their office is located in Guilford, CT - they have served families and individuals all through Connecticut - including New Haven, Madison and Branford, CT.

Copyright © IMS. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. Some artwork provided under license agreement.

Sullivan & Griffith, LLP

Address:
705 Boston Post Road
Guilford, Connecticut 06437

Phone:
203-453-1490

Email:
info@sullivan-griffith.com

Send Us An Email:

Web Design and Marketing system for Estate and Elder Law Attorneys by Integrity Marketing Solutions