Charitable Planning

Charitable Giving and Philanthropic Planning

For many families and business owners, charitable planning is about more than tax strategy. It is about creating a lasting legacy, supporting meaningful causes, and establishing long-term philanthropic goals that continue for generations. 

Strategic charitable planning can also create significant planning opportunities when coordinated with trusts and estates planning, business succession planning, and wealth preservation strategies. 

Goosmann Law Firm assists clients throughout Iowa, Nebraska, and South Dakota with sophisticated charitable giving strategies designed to align philanthropic goals with long-term family and financial objectives. 

Our attorneys regularly work with business owners, high-net-worth families, family offices, and advisors to structure charitable planning strategies that function effectively alongside broader wealth planning structures. 

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Charitable giving vehicles team members

What are Charitable Giving Vehicles?

We assist clients with a wide range of charitable giving and philanthropic planning strategies designed to support charitable goals while coordinating income tax planning, estate tax planning, asset protection planning, and multi-generational wealth transfer strategies.

Our attorneys regularly work with business owners, high-net-worth families, and advisors to structure charitable giving plans involving:

  • Charitable bequests   
  • Donor-advised funds (DAFs)   
  • Charitable remainder trusts (CRTs)   
  • Charitable lead trusts (CLTs)   
  • Private foundations   
  • Family foundations   
  • Supporting organizations   
  • Dynasty trust charitable planning   
  • Charitable LLC structures   
  • Gifting of closely held business interests   
  • Charitable planning before the sale of a business   
  • Appreciated asset gifting strategies   
  • Charitable gifting of real estate   
  • Charitable gifting of investment assets   
  • Philanthropic family governance structures   

We also assist clients with integrating charitable planning into broader trusts and estates planning strategies involving: 

  • Irrevocable trusts   
  • Dynasty trusts   
  • Asset protection trusts   
  • Intentionally defective grantor trusts (IDGTs)   
  • Spousal lifetime access trusts (SLATs)   
  • Business succession planning   
  • Family office structures   
  • South Dakota trust planning 

Should You Consider Creating a Private Foundation?

For families, business owners, and individuals with significant wealth, a private foundation can provide a long-term structure for charitable giving, family governance, and multi-generational philanthropy. 

Private foundations are often used by families who want to create a lasting charitable legacy while maintaining greater involvement and control over charitable activities and grant-making decisions. 

A private foundation may allow families to: 

  • Establish a long-term family philanthropic mission   
  • Involve children and future generations in charitable giving   
  • Create structured family governance around philanthropy   
  • Support specific charitable organizations or causes over time   
  • Coordinate charitable planning with broader estate and tax planning strategies   
  • Potentially receive income tax and estate tax benefits associated with charitable gifting   

Private foundations are frequently integrated into broader trusts and estates planning strategies involving: 

  • Dynasty trusts   
  • Family office structures   
  • Charitable trusts   
  • Business succession planning   
  • Gifting of closely held business interests   
  • Planning before the sale of a business   

For many families, a private foundation becomes more than a charitable vehicle. It becomes a platform for teaching future generations about stewardship, governance, leadership, and family values. 

Our attorneys assist clients with the formation and structuring of private foundations and regularly coordinate with CPAs, investment advisors, financial planners, and family offices as part of the implementation process. 

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Charitable business planning

Why Do Charitable Planning Before Selling a Business?

For many entrepreneurs, the sale of a business creates one of the largest charitable planning opportunities of their lifetime. 

Business owners often incorporate charitable planning before a liquidity event to maximize planning opportunities and coordinate philanthropic goals with tax planning strategies. 

Depending on the circumstances, strategies may include: 

  • Gifting business interests before a sale   
  • Charitable trusts   
  • Donor-advised funds   
  • Private foundations   
  • Charitable LLC structures   
  • Dynasty trust planning coordinated with philanthropy 

These strategies are often most effective when implemented before a transaction becomes imminent. 

Family Philanthropy and Multi-Generational Planning

For many families, charitable planning becomes an important part of family governance and legacy planning. 

Sophisticated charitable structures can allow families to: 

  • Involve future generations in decision-making   
  • Create shared family purpose and values   
  • Establish governance and leadership structures   
  • Coordinate philanthropy with family office planning   
  • Create long-term charitable initiatives 

Many families integrate charitable planning into broader multi-generational wealth and governance structures.  

Goosmann team walking in hallway

When Should You Consider Charitable Planning?

Charitable planning is often most effective when implemented proactively. 

You may want to explore charitable planning strategies if: 

  • Your estate may exceed federal estate tax thresholds   
  • You anticipate selling a business or major asset   
  • You want to create a long-term family legacy   
  • You want to involve future generations in philanthropy   
  • You have appreciated assets or closely held business interests   
  • You want charitable planning integrated into your estate plan 

Thoughtful charitable planning can help families support the causes they care about while preserving flexibility and long-term family objectives. 

Charitable planning strategies team at Goosmann

Our Collaborative Planning Approach

Sophisticated charitable planning frequently involves coordination among multiple advisors. 

Goosmann Law Firm regularly works alongside:

  • CPAs   
  • Financial planners   
  • Investment advisors   
  • Valuation professionals   
  • Family offices   
  • Charitable organizations 

Our role is to design and implement the legal structures supporting long-term philanthropic and wealth planning goals. 

Explore Sophisticated Charitable Planning Strategies

If you would like to discuss charitable giving strategies, private foundations, or philanthropic planning integrated with your estate and business planning goals, our attorneys would be happy to discuss your objectives. 

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Arrange a consultation with our charitable planning attorneys to see how we can support you best. 

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Charitable Planning FAQ

How can I include charities in my plan?

Charities can be incorporated into your estate or asset plan through wills, trusts, donor-advised funds, or private foundations. Our attorneys can help design a strategy that fits your goals and estate structure.

How do I create a Private Foundation or other charitable giving vehicles?

Goosmann Law Firm can guide you through establishing private foundations, charitable trusts, and other giving structures to ensure compliance, efficiency, and maximum benefit for your chosen causes.

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