Charitable Estate Planning

Evaluate your philanthropic goals and decide how you would like your assets to be distributed to charity as part of your estate plan.

Consult with estate planning attorneys or financial advisors to get professional advice tailored to your estate size, tax situation, and charitable intentions.

Choose the type of charitable giving vehicle that aligns with your goals, such as a charitable trust or a donor-advised fund.

If a charitable trust is chosen, work with your attorney to establish a Charitable Remainder Trust (CRT) or a Charitable Lead Trust (CLT), depending on whether you wish to retain income interest or donate it.

If a donor-advised fund is chosen, identify a sponsoring organization and work with them to set up the fund. Make initial contributions and set guidelines for grant distribution.

Keep detailed records of all the documents related to your charitable giving vehicles, such as trust agreements, donor-advised fund agreements, and tax filings.

Update your will and other estate documents to include the charitable trust or donor-advised fund as a beneficiary, as per your planned giving strategy.

Monitor and manage your charitable contributions regularly. Review your charitable vehicles and contributions annually to ensure they align with your current philanthropic goals.

Be aware of potential tax implications related to charitable giving within your estate plan, including income, gift, and estate tax benefits.

Ensure your charitable giving complies with all state and federal laws, which may entail proper registration and adherence to specific regulations governing charitable entities.

Your charitable giving plans should maintain some flexibility to account for changes in your personal circumstances or tax laws that could affect your estate plan.