A Giving Plan That Works for Your Family and Your Estate

Charitable planning done well is not simply generosity — it is strategy. We help clients structure gifts that reduce New York estate tax exposure, preserve income, and create a legacy their families can actually follow.

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Giving Back Without Giving Up Control

The most common hesitation we hear from clients interested in charitable planning is straightforward: they want to give, but they are not ready to give everything away. Charitable trust structures are built precisely for that tension. A charitable remainder trust, for example, allows you to transfer assets to a trust, receive income from those assets for a defined period, and direct the remainder to the charity of your choice — all while removing the value from your taxable estate. A charitable lead trust works in the opposite direction, directing income to charity first and passing the remainder to your heirs, often at a significantly reduced transfer tax cost.

 

These are not workarounds. They are well-established planning tools that, when properly structured, allow continued benefit to you or your family while advancing a genuine charitable purpose.

Structures We Work With Include

Charitable planning encompasses several distinct vehicles, each suited to different financial situations, family circumstances, and giving objectives. We work with clients across all of them:

 

  • Charitable Remainder Trust (CRT): Transfers assets into a trust that pays income to you or named beneficiaries for a term of years or for life. The remaining balance passes to charity. Removes assets from your estate and may generate a partial charitable income tax deduction at funding.
  • Charitable Lead Trust (CLT): Directs trust income to a qualifying charity for a defined period. At the end of that term, the remaining assets pass to your heirs — often at a reduced gift or estate tax cost, depending on interest rate conditions at the time of funding.
  • Donor-Advised Fund (DAF): A simpler entry point for clients who want to make a significant charitable contribution now, take the deduction now, and recommend grants to specific charities over time. DAFs involve no separate trust administration and can be established quickly.
  • Private Foundation: For clients who want maximum control over grant-making and the ability to involve family members in philanthropic decisions across generations. Private foundations require ongoing compliance and administration, but they offer a level of institutional identity and control that other structures do not.

 

We help you evaluate which structure — or combination of structures — aligns with your broader estate plan, your tax position, and your family's intentions.

How Charitable Planning Connects to Estate and Gift Tax Strategy

For clients with significant New York exposure, charitable planning is rarely a separate conversation from estate and gift tax planning — it is part of the same one. New York imposes an estate tax with a relatively low exemption compared to the federal threshold, and assets above that threshold are taxed at rates that can reach 16 percent. Charitable transfers, properly structured, reduce the taxable estate and can offset a meaningful portion of that exposure.

 

We approach charitable planning as an integrated component of the estate plan, not an add-on. When we review a client's overall picture — asset composition, family structure, transfer goals, and tax exposure — charitable strategy often emerges as one of the most efficient tools available. The goal is not to give more than you intend to. It is to ensure that what you do give accomplishes the most it can, for the causes you care about and for the family you are providing for.

Frequently Asked Questions About Charitable Planning

  • How do I set up a charitable trust in New York?
    Establishing a charitable trust in New York begins with identifying your planning objectives — whether income, estate tax reduction, or legacy — and selecting the structure that best serves them. An attorney drafts the trust document, the trust is funded with assets you designate, and the trustee administers it according to its terms. We handle every stage of that process and coordinate with your financial advisors and CPA as needed.
  • What is the difference between a charitable remainder trust and a charitable lead trust?
    In a charitable remainder trust, income flows to you or your beneficiaries first, and the remaining assets pass to charity at the end of the trust term. In a charitable lead trust, the order is reversed — charity receives income during the trust term, and your heirs receive the remainder. The right structure depends on your income needs, your transfer tax goals, and the timing of your charitable intent.
  • Does charitable giving actually reduce my New York estate tax?
    Yes, when structured correctly. Assets transferred to a qualifying charitable trust or foundation are generally removed from your taxable estate, reducing the value subject to New York estate tax. The magnitude of the reduction depends on the structure used, the assets involved, and the applicable interest rate environment at the time of funding. We model these outcomes as part of the planning process.
  • What is a donor-advised fund, and is it right for me?
    A donor-advised fund allows you to make a lump-sum charitable contribution to a sponsoring organization, take an immediate income tax deduction, and then recommend grants to specific charities over time at your own pace. It is a practical option for clients who want simplicity and flexibility without the administrative requirements of a private foundation. It works particularly well in high-income years when the deduction has the most impact.
  • What does a private foundation attorney do, and do I need one?
    A private foundation attorney helps you establish and maintain a foundation that complies with IRS requirements — including governing documents, grant-making procedures, and annual reporting obligations. If you are considering a private foundation, legal counsel is not optional: the compliance requirements are meaningful and the penalties for missteps are significant. We advise clients on whether a foundation is the right vehicle and, when it is, handle the formation and ongoing legal support.