A basic overview, however, of how philanthropic gifts are frequently included in an estate plan may also be helpful. Learn more about charitable gifting in New York in this presentation.

1. PHILANTHROPY
IN YOUR ESTATE
PLAN
HOW TO KEEP ON GIVING
SAUL KOBRICK & ANTHONY MOCCIA
NEW YORK ESTATE PLANNING ATTORNEYS
SERVING NASSAU COUNTY, SUFFOLK COUNTY, AND WESTCHESTER COUNTY
“A basic overview, however, of how philanthropic gifts are
frequently included in an estate plan may also be helpful.”

2. Philanthropy in Your Estate Plan – How to Keep on Giving? www.kobricklaw.com 2
Philanthropyisan important partoflife for many people. If you are a
philanthropistthroughoutyour lifetimeyou likely wish to keep on giving
after death. Fortunately, a comprehensiveestateplan providesyou with the
abilitytodo just that. Incorporatingcharitablegiftsintoyour estateplan
not only offers you the abilitytocontinue giving long after death but it can
provideconsiderabletax advantagesaswell.
Charitablegiftingistypicallya deeply personal endeavor and one that can
be accomplished ina myriad of waysduring your lifetime. To ensure that
your philanthropic wishesarehonored after your death it is best to consult
with an experienced New Yorkestateplanning attorneyabout the best way
to includecharitablegiftsinyour plan. A basic overview, however, of how
philanthropicgiftsarefrequentlyincluded in an estateplan may also be
helpful.

3. Philanthropy in Your Estate Plan – How to Keep on Giving? www.kobricklaw.com 3
DIRECT GIFTS – WHY USING YOUR LAST WILL AND
TESTAMENT MAY NOT WORK
Your Last Will and Testament islikely thefoundationof your estate plan;
however, a comprehensiveestateplan will typicallyincludea number of
other componentsand strategies. You maymake giftsin your Will to family
and friends; however, your Will may not be the best mechanism for making
charitablegiftsfor several reasons, including:
Control – when you bequeath a gift in your Will you lose all control
over theasset once the gift has been made. For example, if you gift
$10,000 toa beneficiaryinyour Will you have no say so regarding
how the money is spent once the gift is complete. While thismay not
be a concernwhen gifting tofamily and loved ones, it mayvery well
be a concernwhen making philanthropicgifts.
Flexibility –your Willdoes not offer much in the way of flexibility
or creativity. Your Willdoes not allow you to combinecharitableand
non-charitablebeneficiarieswhenmaking a gift nor does it offer a
way for you to includeyour legacy in the gift.
Taxes –conceptually, a gift to charityisthe sameas a gift to a loved one;
however, charitablegifts areoften treated differentlythanother giftsfor tax
purposes. In fact, charitablegiftsmayactuallylower your estate’s exposure
to federal gift and estatetaxesand/or reduce your own personal incometax
burdenwhile you arealive.

4. Philanthropy in Your Estate Plan – How to Keep on Giving? www.kobricklaw.com 4
LEAVING A LEGACY WITH CHARITABLE GIFTS
If you are conscientiousenough to consider philanthropyanimportant part
of your dailylife chancesaregood that leaving behind a legacy is also
important toyou. Charitablegifting inyour estateplan offers you a way to
do just that. Thecharitablegiftsyou makein your estateplan may reflect
the values, principles, and beliefs that are all part of your legacy. Some
commonexamplesof charitablegiftsthat arepart ofa larger legacy plan
includegiftsmade to:
Educationalinstitutions
Churchesor other religiousorganizations
Humanitarianaid organizations
Animalrightsgroups
Environmentalgroups
Politicalparties
Scientificorganizations
CHARITABLE GIFTING OPTIONS FOR YOUR ESTATE PLAN
Asidefrom making direct giftsin your Will thereare a varietyof other ways
in which philanthropycanbe incorporatedintoyour overall estateplan.
Some commonoptionsinclude:

5. Philanthropy in Your Estate Plan – How to Keep on Giving? www.kobricklaw.com 5
Charitable Trust – trustsoffer a significantamount offlexibility,
allowing you to gear your trust agreement toyour specific goals and
objectives. Withinthetrust categorytherearethreetypes of trusts
that arefrequently used to incorporatecharitablegifting intoan
estateplan:
o Charitable Trust – a CharitableTrust isa trust devoted
entirely to charitablegifting. Thetrust might havejust one
charitablebeneficiaryor may have several; however, it maynot
includea non-charitablebeneficiary.
o Charitable Lead Trust (CLT) –a CLT allows you to combine
charitableand non-charitablegifting. Thecharitablebeneficiary
will receive giftsfor a designated period of timeafter which the
remaining principalisdistributed toa non-charitable
beneficiary.
o Charitable Remainder Trust (CRT) –a CRT effectively
operatesthe sameas a CLT except in reverse. Distributionswill
be madeto a non-charitablebeneficiaryfor a specific period of
timefirst. The remaining principalisthendistributed toone or
more charitablebeneficiaries.
Charitable Gift Annuity – a CGA operatesin a similar fashionto a
trust but without a trust agreement. Assetsare donated to a charityin
exchangefor a fixed annuitypaymentstoa non-charitable
beneficiary.
Donor Advised Fund – with a DAF you makean irrevocable, tax-
deductiblecontributiontoa professionally managed fund. Your
contributionisthen used for charitablepurposes. Once the gift is
completed you no longer have any ownership interest in the assets

6. Philanthropy in Your Estate Plan – How to Keep on Giving? www.kobricklaw.com 6
and, therefore, no controlover how they are used; however, you are
given an advisorypositionin the fund.
Private Foundation –creatinga privatefoundationisby far the
most complicated and costly, both in termsof timeand funds, of all
the options; however, it also provides themost benefitsand allows
you to retainthemost control over your assets once they have been
gifted. With a privatefoundationyou will createa non-governmental,
non-profit organizationthat managesitsownfunds and administers
itsown grants. Typically, only largegiftswarrant creatinga private
foundation.
Fidelity, Charity
Planned Giving Design Center, CharitableRemainder Trust
T. Rowe Price, Giving toCharity

7. Philanthropy in Your Estate Plan – How to Keep on Giving? www.kobricklaw.com 7
About the Attorneys
Saul Kobrick
Saul Kobrick is an attorney licensed to practice law in the State of New
York and the owner , senior partner and founder of The Law Offices of
Kobrick & Moccia. Mr. Kobrick is licensed to practice law in all courts
of New York State, as well as in the Federal District Courts for the
Southern and Eastern Districts of New York. He is a member of the
New York State Bar Association as well as a member of the American
Academy Estate Planning Attorneys. Mr. Kobrick is also a member of the National
Academy of Elder Law Attorneys.
Experience
Prior to founding his Garden City Law Firm in 1992, Mr. Kobrick has for many years,
practiced law both as a Sole Practitioner, and in partnership in New York City. His
practice focuses on elder law, wills, trusts and estate planning. Mr. Kobrick provides
quality Estate Planning and Elder Law services toresidents of Nassau County,
Westchester County and Suffolk County.
Anthony M. Moccia
Anthony M. Moccia is an attorney licensed to practice law in the State
of New York and Partner of The Law Offices of Kobrick & Moccia. Mr.
Moccia is licensed to practice law in all courts of New York State, as
well as in the Federal District Courts for the Southern and Eastern
Districts of New York. He is a member of the New York State Bar
Association.
Experience
Mr. Moccia joined the Law Firm in 2006. As a law clerk and became partner in January
of 2015. Mr. Moccia speaks regularly to residents of Nassau County, Suffolk County,
and Westchester County about estate planning, wills, trusts, and Medicaid planning.
GARDEN CITY HAUPPAUGE HARRISON
1305 Franklin Avenue 150 Motor Parkway 600 Mamaroneck Avenue
Suite 170 Suite 401 4th Floor
Garden City, NY 11530 Hauppauge, NY 11788 Harrison, NY 10528
Phone: (516) 248-9500 Phone: (631) 941-3400 Phone: (914) 701-0777
Fax: (516) 248-7606 Fax: (516) 248-7606 Fax: (516) 248-7606