Las Vegas Attorney Jeffrey Burr Offers Guidance for Smith Center Supporters

Jeffrey BurrNeed guidance with your giving? The Smith Center's Financial Advisors Network (FAN) can help. Offering expert advice at no cost to Smith Center donors, FAN serves as a group of professional advisors, including accountants, bankers, attorneys, stock brokers and more, who can answer important questions about making a planned gift that both supports The Smith Center and addresses your needs.

Meet one of our newest FAN members, attorney Jeffrey Burr. Recognized as one of Nevada's top tax and estate planning attorneys, Burr is also a Certified Public Accountant.

How does your background as a CPA support your work as an attorney?
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 did you join The Smith Center's Financial Advisory Network?
Upon learning of the network, I thought it was a great idea because The Smith Center is such a vital part of our community now. My hope was to provide a resource for individuals and businesses who may want to contribute to The Smith Center and its mission, because giving often involves decisions and issues surrounding tax and estate planning.

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 death 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.

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.

Learn More

To learn more about financial experts available through FAN, contact The Encore Society at 702-749-2354 or EncoreSociety@thesmithcenter.com.

To contact Jeffrey Burr for more information on charitable planning, please call 702-433-4455.

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A charitable bequest is one or two sentences in your will or living trust that leave to The Smith Center a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to The Smith Center, a nonprofit corporation currently located at 361 Symphony Avenue, Las Vegas, NV 89106, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to The Smith Center or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to The Smith Center as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to The Smith Center as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and The Smith Center where you agree to make a gift to The Smith Center and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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