Charitable giving is a way to provide support to charitable or philanthropic organizations of your choice. Under the tax laws, as they exist today, not only do the charitable or philanthropic organizations benefit from your largess, but the very act of giving may provide a tax benefit to you or your estate at the same time.
On January 23, 2017, Utah Jazz Owner Gail Miller made basketball news by announcing that she and her family had transferred the NBA team and the Vivint Smart Home Arena into a dynasty trust. Gail Miller and her late husband, Larry Miller, purchased the franchise in 1985 for $26 million. The transfer into the dynasty trust was part of a larger family estate plan. According to Miller, the trust will “last forever, as long as we have people who are willing and able to take care of it.”