San Luis Obispo Estate Planning Firm Announces Strategies for Including Charitable Giving In Estate Plans

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Giving to favorite causes, churches, colleges, or other charitable organizations is very meaningful to many. Including charitable giving in an estate plan helps assure that chosen causes or institutions continue to benefit when the grantor passes on or becomes incapacitated and the San Luis Obispo estate planning attorneys at Toews Law Group, Inc. have recently announced their strategies for including charitable giving in estate plans.

estate planning San Luis Obispo
How those assets are designated for charitable purposes is important to be sure they are distributed as desired.

Giving to favorite causes, churches, colleges, or other charitable organizations is very meaningful to many. Including charitable giving in an estate plan helps assure that chosen causes or institutions continue to benefit when the grantor passes on or becomes incapacitated and the San Luis Obispo estate planning attorneys at Toews Law Group, Inc. have recently announced their strategies for including charitable giving in estate plans.

Strategies for including charitable giving in an estate plan include:

  • Setting up a private foundation with the mission to provide charitable assistance to specific causes, organizations or institutions
  • Establishing a trust that holds assets to benefit the charitable causes, including gift annuities. California law requires a separate trust for gift annuities
  • Identifying specific assets, or proceeds from the sale of certain assets, be donated to favorite organizations and institutions

Any asset specified in an estate plan can be designated for the benefit of favored causes and institutions. Assets include cash, retirement accounts, insurance policies, all or portions of a stock portfolio, real estate, collections of value such as art, antiques, jewelry, and more.

How those assets are designated for charitable purposes is important to be sure they are distributed as desired. For example, the best way to gift a retirement account is usually to list the charitable organization as a beneficiary. However, there is always the possibility of complications when retirement account beneficiaries include relatives as well as charitable organizations. The experienced San Luis Obispo estate planning attorneys at Toews Law Group, Inc. can advise about the best strategies designating a charitable organization as beneficiary of a retirement plan.

Before deciding how and what to give, it is important to consider all of the implications so that the estate continue to benefit the grantor while still alive and that all beneficiaries, including charitable institutions benefit in the best way possible.

Implications to an estate plan can include:

  • Personal, estate and beneficiary tax benefits
  • Future benefits for charities that may be best served through a private foundation
  • Reducing the chance of challenges to a will
  • Reducing the chances of any part of the estate going into probate

The San Luis Obispo estate planning attorneys at Toews Law Group, Inc. can review a current estate plan, help inventory assets, identify those to bequest as charitable giving and help make sure all wishes are met.

Toews Law Group, Inc.
1212 Marsh Street, Suite 3
San Luis Obispo, CA 93401
(805) 781-3645

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Scott Brennan
Access Publishing
(805) 226-9890
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