How can I include a charity in my estate plan?

There are a lot of situations in which a person has a specific charity that has been meaningful to them throughout their life. When a person passes away, they may want to make a final donation to that charity. An estate planning attorney can help you with charitable planning in a number of ways. They will make sure your charity is included in your estate plan and that your final wishes are carried out to your liking.

You have a few options as to how you can include a charity in your estate plan. You may want to make a lifetime gift, make a trust that allows you to benefit charities, or have beneficiary designations for gifts. A charitable lead trust is an option that people choose to give assets to charities. After a few years, the rest of the money in that trust will be distributed to your designated beneficiaries and they will either save on taxes or be tax-free.

Some charities, such as the American Cancer Society, for example, have guides and information about the best way for you to include them in your estate plan and their tax implications. For example, bequests to the ACS are exempt from estate taxes. These bequests don’t result in a lifetime income tax deduction. In a bequest, you will put the charity directly into your will and trust. You have the option to donate a specific monetary amount or choose a percentage of your estate’s remaining balance that will be given to the charity.

If you need assistance planning your estate and including a charity in your estate plan, contact an experienced wills, trusts, and estates attorney today.

If you need the dedicated legal representation for wills, trusts, and estate matters in California, contact the Law Offices of Yacoba Ann Feldman to schedule a consultation.