Have you ever considered using your estate plan to support a cause close to your heart? If you have more than enough to give, you may consider other options than leaving absolutely everything to your heirs. By incorporating charitable giving into your estate plan, you can leave a lasting legacy and a positive impact on our world.How to Incorporate Charitable Gifting in Your Estate Plan

Let’s explore some essential steps and considerations for incorporating charitable gifting into your estate plan.

1. Identify Your Philanthropic Goals

Reflect on an organization that is close to your heart. If you were to pass on, you can continue to offer support to boost the organization and keep it thriving. Identify the charities you would like to support, consider starting your own charity, or create a scholarship fund. There are many ways to reach your goals and make a meaningful impact.

2. Consult with an Estate Planning Attorney

Now that you know that charitable giving is an essential part of your estate plan, meet with an experienced lawyer to learn the best way to implement it into your plan. They can help you navigate the legal complexities, tax implications, and various charitable giving strategies. An attorney will assist you in creating or updating your will, trust, or other estate planning documents to include your charitable intentions accurately.

3. Choose How to Include Charitable Giving

  • Bequests: Specify the percentage of your assets or a lump sum to be distributed to various charitable organizations. You can choose one charity or multiple charities and leave instructions for each.
  • Charitable Trusts: Creating a charitable trust allows you to transfer assets to a trust that benefits both charities and your loved ones. With charitable remainder trusts, beneficiaries receive income while they are alive, and the remaining assets go to charity. Charitable lead trusts, on the other hand, provide income to charities for a specific period, and the remaining assets then go to your beneficiaries.
  • Donor-Advised Funds: Let your family stay involved in the charitable contributions by setting up grants and changing the amounts you donate as the charity changes and grows. Your family will have the freedom to control these contributions after you pass away.

Incorporating charitable gifting into your estate plan allows you to leave a meaningful legacy and support causes close to your heart. By following these steps and working closely with an experienced estate planning attorney, you can effectively incorporate charitable giving into your estate plan.

Contact a Trusted Lawyer

Shoup Legal is here to help guide you through the process, ensuring that your charitable intentions are accurately reflected in your estate planning documents. Contact us today at (951) 445-4114 or email us at [email protected] to learn more about how we can assist you in incorporating charitable gifting into your estate plan.