Gordon Law Group recommended the use of a CLAT (charitable lead annuity trust) which resulted in 30% of the funds expended going to charity with the after-tax cost being-0-because of the tax savings.
The other 70% of the funds contributed to the CLAT were gifted into a trust for the benefit of the client’s family and was no longer part of the client’s taxable estate without having to use the annual gift exclusion or lifetime exemption because it was gifted as a remainder interest from a charitable trust.
Thus, instead of the client paying fifty percent (50%) of his income as taxes to the Federal and State governments, he paid-0-to the government, 30% to charity, and 70% to his family resulting in an increase in the family’s wealth.
As attorneys and CPAs, we provide high-earning and high networking individuals with income tax and estate tax savings strategies, which are different from what is known to most tax professionals. Our unique knowledge is due to our long-term experience and extensive background to provide tax savings advice, and we do not attempt to replace existing tax professionals.
Worried about spending too much in paying taxes all the time? Gordon Law Group shares the best tax planning & sharing strategies.
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