Planned Giving
4: Minimizing Your Tax Liabilities
Virtually everything you own or control may be subject to estate, inheritance, gift and generation-skipping taxes, which can substantially reduce what you pass on to your heirs.
The new tax laws have moved the dial on federal estate tax. If the value of your taxable estate is less than the federal estate tax exemption at the time of your death, it will not be taxed by the federal government. ($11,200,000/individual, and rising beginning in 2018 through 2025). But for estates valued over that amount, creative estate planning can avoid or minimize tax liabilities. Keep in mind that many states still have an estate or inheritance tax on distributions to non-charitable heirs.
Things You May Want to Consider
- Sometimes you can benefit from giving up control of an asset during your lifetime.
- New tax laws may impact your current plan. It's always a good idea to review your estate plan every few years with an advisor.
- Creative planned gifts can be a simple and fulfilling way to receive a tax benefit while providing for a meaningful legacy.
Consider making a gift through your will or trust.
Here's the language you'll need.
Next: The Basic Planning Tools
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Create a Lasting Legacy
Philanthropic planning is a powerful mechanism for meeting personal estate planning objectives while making a meaningful impact on the College’s initiatives and mission. At Indian River State College, we welcome the opportunity to work with estate planners to ensure that your clients find the charitable arrangements that best meet their needs.
Estate-planning options can achieve significant tax benefits while furthering a client’s philanthropic goals:
- Gifts through a will or trust
- Charitable trusts and gift annuities
- Donation of stocks and mutual funds
If your client has already included or intends to include Indian River State College in their will or estate plan, or if you would like someone from IRSC Institutional Advancement to contact you to discuss how to support IRSC as part of their estate planning strategy, please contact us.
