Beneficiary review service
Create a Legacy through Giving
Our clients turn to us when they want to create legacy plans to benefit the non-profit organizations most important to them. Many of our clients want to see their capital allocated to social causes that improve the collective well-being of their communities, specifically in Tampa. Our team can help you allocate funds to the causes of your choice and show you strategies that can work to lower your overall tax burden.
Over the course of our lives, we all develop different views of the world. In many cases, we choose to give back to the great institutions of art, sciences, government, and education that gave us so much throughout our lifetime. Whatever it is, we’ll help you give something back to the communities that helped you to flourish.
Presently, the tax code offers incentives for gifting one’s assets or incomes. Tax deductions are given for current contributions and, for estate owners, charitable gifts can reduce the size of the estate to help minimize estate taxes.
Oftentimes, an individual will designate a charitable beneficiary in their will to benefit the organization after the individual dies. By using charitable gifting techniques, a donor may be able to benefit the charity while living without having to sacrifice the income that an asset can generate. Understanding how properly structured charitable gifts can provide current benefits for both the donor and the charity could be important for the charitably inclined.
Charitable Remainder Trust
A remainder trust enables the donor to transfer an asset while retaining the right to the income it generates. The asset becomes the “remainder” which is owned by the charity. Remainder trusts, if properly structured, can qualify for a current tax deduction. As part of our beneficiary review service, we can help you evaluate whether a charitable remainder trust, donor-advised fund, or other legacy planning tool may complement your existing retirement and investment accounts, and we can coordinate with your CPA and estate planning attorney to help you pursue available tax benefits. We will also clarify how naming a charity, donor-advised fund, or foundation as a primary or contingent beneficiary differs from making gifts during your lifetime, so you understand the timing and potential income and estate tax consequences. For Tampa families who are passionate about giving back, we can help you design a multi-generational approach to philanthropy, where children and grandchildren may participate in recommending grants or helping oversee charitable vehicles that bear the family name. There are three types of remainder trusts:
Unitrust: A unitrust the income the donor receives is based on a percentage of the current fair market valuation of a trust asset. Each year, as the asset is valued, the income is adjusted based on the new valuation.
Annuity Trust: Instead of a percentage of the asset value, the donor is paid a fixed amount annually. This approach may appeal to Tampa retirees who value predictable cash flow to cover everyday living expenses, healthcare costs, and local lifestyle goals, while still knowing that the remaining trust assets will pass to their designated remainder beneficiaries at the end of the trust term.
Pooled Income Fund: Donors can pool their donated assets in a fund that is operated by a charitable organization. The donors then receive a proportionate share of income from the fund that is paid throughout their lifetime. Payments can vary each year based on the valuation of the underlying assets in the fund.
Charitable Lead Trust
Also known as an Income Trust this vehicle transfers the income rights to the charitable organization. Generally, the income rights are assigned for a specified period of time after which the remainder passes to the donor.
Charitable planning involves tax issues that should be discussed with a qualified tax professional.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial. When you work with our Tampa team for a beneficiary review, you gain access to a coordinated network of professionals and trust services designed to help you implement your plan, monitor beneficiary arrangements over time, and revisit your decisions as your family, finances, and Florida laws evolve. Many clients choose to schedule recurring beneficiary review service check-ins every one to three years, or sooner after a major life event, so they can keep their plan current without feeling overwhelmed. Our ongoing support may include reminders when it is time to verify beneficiary forms, updates on relevant changes in Florida estate or tax law, and introductions to vetted local professionals such as elder law attorneys and CPAs if you need additional guidance. This long-term relationship approach is designed to provide continuity and peace of mind for you and your loved ones..
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