Charitable Planning in Tennessee

Serving Clients and their Families throughout Franklin
and Nashville, Tennessee & the Surrounding Areas


What is charitable giving?

For many of us, charitable gifting is a very simple process that involves making a pledge, writing a check or even dropping a few dollars into the collection plate. However, there a a multitude of charitable gifting opportunities that are often overlooked and, depending on your circumstances, can provide significant benefits to both the donor and the recipient.

How do I make a more substantial charitable gift?

If you intend to make a charitable donation of some size before or after you pass away, you should speak with an estate planning attorney at John Burns Law, PLC, who is experienced with the practical and tax implications of charitable gifts. John Burns can ensure that your gift transfer is set up properly — both from tax and philanthropic perspectives.

Planned gifts can provide significant tax benefits and also even lifetime income for you and your family. John Burns will explain charitable giving options that allow you to integrate your own values into your gifts while achieving your financial goals. These options may include charitable trusts and charitable gift annuities.

In addition, many people make planned gifts as testamentary bequests to charities in their wills or revocable living trusts. Life insurance is a common means to leverage charitable giving.

What are the benefits of charitable giving?

Planned gifts provide opportunities to make charitable gifts that may allow you to: (i) provide inheritances for heirs, while decreasing their tax liability; (ii) lower your taxes on your ordinary income through charitable deductions and/or avoiding capital gains taxes on your appreciated assets; and (iii) creating a charitable legacy for future generations. There are many additional benefits to charitable planning beyond this brief overview, so contact John Burns to explore your options.

What are a few ways I can give?


A Life Income Gift. This approach provides a future source of income for the charity while also providing a tax deduction and current income payments to you and your family. This gift can be flexible with fixed, variable, or deferred payments.

Bequests and Retirement Plans. You can name your charity as a beneficiary of your will or revocable living trust — or name the charity as a beneficiary of a retirement plan, such as an IRA, 401(k), 403(b), or other retirement plan. This can be a win-win, especially when it comes to retirement plan assets. There are no income or estate taxes on any retirement plan assets left directly to a charity.

Charitable Lead Trusts. This trust can be used to leverage the eventual transfer of appreciating assets to family members in light of current and future estate and gift tax consequences. Essentially, this approach provides immediate support to your charity through fixed payments for a specified period of time. At the end of the term, the trust will revert to your loved ones by transferring all of its remaining assets to them with reduced or no estate and gift tax.

Retained Life Estate. You can generate a current income tax deduction by giving real estate (e.g., a home or farm) to your charity, while retaining the right to use the property during your lifetime.

Again, these are just a few (of many available) planned giving strategies you can use to make your gift. Charitable giving is a great way to support your favorite non-profit interests. Even better, planned giving can help you make sizeable gifts that can benefit both charity and your family.

John Burns can explore these and additional strategies with you, depending on your unique circumstances.

Have Questions?

Have Questions?

We’d Love to Talk with You

John Burns Law, PLC

John Burns Law, PLC

219 3rd Ave N #2000
Franklin, TN 37064

jburns@johnburnslawfirm.com
(615) 630-0122