It is not true that only people with a certain net worth need estate planning. It is important to plan no matter what your net worth to help your family.
Charitable Donation Overview
Consider Naming a Trust a Beneficiary of a Retirement Plan When Making Charitable Gifts
Donations to charity are a commendable way to incorporate giving into your overall estate plan. While you may not have had the ability or desire to make such a donation when first creating your plan, times may have changed, improving your ability to support the charity of your choice. Fortunately, most estate plans can be modified to accomplish this goal. If you would like to modify an estate plan in Orange County in order to make a charitable donation, consider taking the following actions:
Contact an experienced Orange County trust lawyer for guidance.
Obtain copies of all existing estate planning documents.
Gather the name of the charitable organization to which you wish to donate. Include the address and other contact information if possible.
Consider naming a backup charity if for some reason the charity of your choice is no longer in existence at the time of your passing.
Document whether you would like to change any of your currently existing beneficiaries or the amount of property they stand to receive.
Consider the amount that you want to leave the charity.
Determine whether your spouse wants to make a matching contribution, a contribution to a different charity of her choice, or no charitable donation at all.
Laws surrounding charitable donations, estate plans, and taxes are complex and require the knowledge of an experienced professional. Fortunately, our office is here to help. To learn more about modifying an estate plan or charitable giving, contact an experienced Orange County trust attorney at the Law Office of James F. Roberts & Associates, APC, today. Call our office at (714) 282-7488 for a consultation.
Looking for more information about appointing co-trustees when creating an estate plan for your living trust? View here for more from an estate planning attorney.
The holidays provide an excellent opportunity to discuss estate planning issues. These tips can help you broach the subject and have a positive discussion.