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Estate planning and philanthropy

Even though philanthropy is frequently used as part of a tax-saving strategy, people in California can also benefit from the charitable giving in ways that are related to starting and maintaining a legacy, enjoying personal fulfillment and forming a connection with future generations. There are certain steps individuals should take to make sure that the philanthropic goals they have set for their lifetime and after they have died are fulfilled.

It is important for individuals to first identify the issues that are significant to them and their family. They should examine the donations they have made in the past and consider the causes to which they have given every year to determine what is meaningful to them.

Certain factors should also be considered to help pinpoint the targets for their estate plan's philanthropic strategy. Individuals can think about the certain issues within their community, concerns about future generations or preferences for how they want to be remembered after they have passed away. The objective is for them to recognize where their values, priorities and passions lie, which can be helpful in determining the types of charitable giving goals they should create for their estate plan.

The next step after setting their philanthropic goals is to determine which assets should be used in the philanthropic strategy. Cash is a form of donation that is usually acceptable. However, there are some charities that may be able to use other types of physical or financial assets, such as artwork, real estate or privately held securities.

An attorney who provides trusts and trust administration legal services may consider the estate and assets of a client and recommend which legal devices should be included an estate plan to achieve their philanthropic goals. Assistance may be provided with drafting the provisions of charitable trusts.

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