Bernard A. Krooks - Littman Krooks LLP > New York Elder Law Blog > 2020 > March

Archive for March, 2020

Choosing Your Legacy by Incorporating Charitable Giving Into Estate Planning

Tuesday, March 17th, 2020

It is a common — and admirable — to want to leave a financial legacy by giving to charity after you have passed. When incorporating philanthropy into an estate plan, there are different ways to meet your goals. An experienced estate planning attorney can help you decide on the best options to maximize your gift and the potential benefits for your estate too.

Deciding Which Causes to Support

The first step of philanthropy in any form is choosing where to give your gift. This might be simple if you have already supported specific charities, institutions or causes throughout life, or difficult to narrow down if there is a list of causes you love. Perhaps you are just starting to think about giving and unsure of where to begin.

Either way, there are a few questions to ask yourself to help you decide:

  • What am I most passionate about?
  • Which issues do I want to address for those who survive me and future generations?
  • What do I want my legacy to be?

Whenever there is a potential recipient of your donation, research is key. Always check to be sure that a charity or organization is legitimate and that your values align with those of the organization. You also may want to know specifically how your gift will be used.

Planning Your Giving

Littman Krooks Elder LawOnce you decide where to give, you have to think about what to give and how. Any cause will accept a donation of cash. Others are able to receive real estate, stocks, valuables, collectibles (such as art) and even retirement accounts. Again, an estate planning attorney can help you look at the entirety of your assets and the value of your estate, so you can weigh options for giving.

There are different forms of giving in an estate plan, each with its own possible benefits. The most basic is naming a charitable cause as a beneficiary of a trust or in your will. You could also gift a retirement or other account or appreciated assets. These options have specific tax benefits and can reduce the amount of taxes paid by both the estate and the recipient of the money.

Another option is to create a private foundation. This is a good choice if you would like to start doing some of the charity work yourself and have it carried on by others after your passing. It also allows some control of how donations are given and used.

You also might consider a charitable gift annuity. This option provides you with an annual income from the total donation amount in life and then gifts the rest to the charity of choice upon death.

A New York Estate Planning Attorney Can Help

There are many more aspects of charitable giving and estate planning than can be covered quickly so it is important to speak with a financial advisor or estate planning attorney about your philanthropic goals. A member of the Littman Krooks estate planning team can assist you with any of your questions and needs. Contact us here or call us at 914-684-2100.

Tags:
Posted in Elder Law, Estate Planning | Comments Off on Choosing Your Legacy by Incorporating Charitable Giving Into Estate Planning

A Message to Our Clients and Our Littman Krooks Family

Friday, March 13th, 2020
Dear Client and Friends, 
At Littman Krooks, the health and safety of our clients and staff is our highest priority. We pride ourselves on exemplary and individualized services to our clients. We are writing to provide you with the steps that we are taking to protect you and our staff against the spread of the Coronavirus (COVID19). We understand the paramount importance of these tasks, as we serve many elderly clients and families with children with health concerns.
Steps We are Taking To Protect You and Our Staff:
  • We are maintaining social distancing, which means that we will not be shaking hands, hugging or touching anyone.
  • Hand sanitizer is available in our reception area and we are asking you to apply a generous amount to both of your hands upon entry to our office.
  • Staff know to wash their hands each time they enter our building before touching anything and frequently throughout the day.
  • We have remote access for employees who are ill or need to work from home.
  • If you or someone you have been in contact with is experiencing symptoms of coughing, high fever and/or shortness of breath, we ask that you not come to our office.
  • If you do not feel comfortable visiting our office in person, because you may be sick or for any other reason, please consider meeting with us virtually either via conference call or through FaceTime or similar service. Call our office at (914) 684-2100 to let us know that you would like to change your meeting to a virtual one. Our staff will be happy to assist.
Protect Yourself and Those Around You: We encourage all to follow basic hygiene measures that protect us from respiratory viruses. As the Center For Disease Control recommends, these actions include:
  • Washing your hands often and thoroughly with soap and water for at least 20 seconds. If soap and water are not available, use an alcohol-based sanitizer.
  • Avoiding touching your eyes, nose and mouth with unwashed hands.
  • Avoiding close contact with people who are sick.
  • Staying at home if you are feeling sick, especially if you have a fever, are coughing and/or have shortness of breath. If you have those symptoms, please seek medical care early.
  • Covering your mouth and nose with the inside of your elbow when you cough or sneeze and, if using a tissue, dispose of it immediately into a closed bin and clean your hands with alcohol-based sanitizer or soap and water.
  • Cleaning and disinfecting frequently touched objects and surfaces by using disinfectant spray or wipes.
Extra Protections for Those at Higher Risk: If you are at higher risk of getting very sick from COVID-19, meaning if you are older or have a health condition, you should:
  • Stock up on supplies.
  • Take everyday precautions to keep space between yourself and others.
  • When you go out in public, keep away from others who are sick, limit close contact and wash your hands often.
  • Avoid crowds as much as possible.
  • Avoid cruise travel and non-essential air travel.
  • During a COVID-19 outbreak in your community, stay home as much as possible to further reduce your risk of being exposed.
We thank you for your understanding and cooperation as we navigate this challenging time. We understand that the situation is evolving and we will continue to actively monitor it and take the necessary precautions. Our firm remains dedicated to providing our clients with the highest level of client service in every way possible
For additional information regarding the Coronavirus, here are resources from the CDC and the New York State Department of Health:

Tags:
Posted in advance directives, Alzheimers, Asset Protection, Caregivers, Elder Law, Estate Planning, Power of Attorney, Social Security, Tax Planning, Trusts, Veterans Issues, Wills | Comments Off on A Message to Our Clients and Our Littman Krooks Family