What is Charitable Planning in California? | What You Need to Know

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If you have a favorite charity, you may hope to continue donating after you have passed away. In this case, you may benefit from charitable planning. This allows you to donate to religious institutions, schools, or other community-based organizations through your estate plan. Some people wish to donate to charities, but cannot afford to do so during their lifetimes. In either case, charitable planning is a meaningful and worthwhile thing to do. Read on to learn more about the process of charitable planning in California.

What does charitable planning entail?

You may fulfill your charitable planning wishes through lifetime gifts, bequests in wills or trusts, beneficiary designations on death, and lifetime gifts in trusts. You may also use your life insurance policy or retirement plan as a source of funds for charitable gifts. To determine the best course of action, contact our firm to discuss your options. 

Types of charitable trusts in California:

There are two main types of trusts that individuals can establish in the state of California.

They are known as charitable lead trusts and charitable remainder trusts.

Charitable lead trusts ensure that portions of your trust assets are paid out to charities over a certain length of time. Once the designated time is up, the remaining assets will be transferred to your beneficiaries, either with significant tax savings, or, in some cases, completely tax-free.

Charitable remainder trusts transfer income back to the trust’s creator or a designated beneficiary only after the trust is established. Once the individual who created the trust passes away, the remaining assets will be transferred to the charity in question.

If you have any questions or concerns about charitable planning in California, our firm is here to help. Reach out today to discuss your options with an experienced estate planning attorney. We are here to walk you through the process every step of the way and ensure that you have a cohesive and comprehensive estate plan.

Contact our Firm

Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.

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