Supporting the Arts
Las Vegas attorney Jeffrey Burr shares tips on planned giving
The new year is approaching, marking now as an important time for Southern Nevadans to focus on end-of-the-year financial planning – especially if they’re exploring charitable giving for the holidays.
It might interest some to learn that nonprofits like The Smith Center depend on planned giving – a flexible donation option you can pursue at any age – to sustain their operations for generations.
Planned giving can include options as diverse as gifts in the form of stocks and real estate, and donations left in a will, estate plan or life insurance policy.
Curious to learn more?
Read below for tips about planned giving from Las Vegas attorney Jeffrey Burr, a member of The Smith Center’s Financial Advisors Network (FAN) that offers free financial guidance for donors.
What is your advice for getting started with making a planned gift?
First of all, you can designate a gift to a specific mission or part of The Smith Center.
You can also pledge a gift in a manner that you don’t have to give right now, but at a future date.
Therefore, you can keep the benefit of your assets while you’re living, but name The Smith Center as the beneficiary of the gift at your passing or at the termination of a trust you might create.
If you make a planned gift, The Smith Center can count on that gift coming in at a certain time, and can plan accordingly.
Many forms of planned giving provide income for the donor. Can you give an example?
One example is if a donor has an appreciated property (with a fair market value greater than its original cost). Instead of looking at selling the property, they could contribute that property to a trust with The Smith Center as a beneficiary, and by doing that they could avoid capital gains tax on the sale of the property and continue to get income from the property for a period of time.
It’s recommended to get started with planned giving by consulting with financial advisors such as yourself. How can your expertise as both a CPA and an attorney be helpful with this?
When you deal with estate planning, a lot of the work involves closely held businesses, and it helps to be able to understand the financial condition of a business, and to be able to analyze financial statements.
In addition, being a tax accountant teaches you the ins and outs of tax return preparation, and the availability of deductions and credits that may help clients.
Why do you think it’s important for community members to support The Smith Center?
I think The Smith Center has brought much-needed culture to our community that was lacking before.
It has helped our community come together to enjoy and appreciate wonderful musicals and events, and it’s given Southern Nevadans a sense of pride. In addition, it does a lot for our community in relation to educating our youth about the value of the arts, music and the theater.
Get a free planned giving guide at: thesmithcenter.planningyourlegacy.org.