Share

LLG Blog

Wednesday, September 27, 2017

Things to Consider in Establishing a Charitable Giving Plan

For many individuals, leaving a legacy of charity is an important component of estate planning, but there are many factors involved in creating a charitable giving plan.

First, it is important to select causes that you believe in such as environmental, educational, religious or medical, or those dedicated to providing food and shelter to the poor. The number of charities you wish to give to depends on your available resources, as well as other beneficiaries of your estate. Many people opt to limit their selections to a handful of charities that are most important to them.

Once charities have been selected, it is crucial to do some homework to make sure the charities are legitimate, and that your gift will be used for the intended purpose, rather than to pay salaries or administrative costs. A good place to start is with the charity's website, and there are many publicly available resources that evaluate charities.

Further, it is important to be realistic about how much of our assets can be dedicated to gift giving, and how those donations should be allocated to the designated charities. Proceeds can either be divided equally, or more money can be provided to the charity you deem most worthy.

Lastly, it is important to avoid the common mistakes many make when planning charitable gifts. It is crucial to ensure that you are donating to a legitimate charity by thoroughly evaluating the agency. In addition, your gift should not be overly restricted since this could make it difficult for the charity to use.If your assets are in stocks, they should not be sold and the profits donated, rather the stocks should be gifted directly to the charity.  

In sum, your gift needs to be helpful to the charity, but also take advantage of tax benefits to which you may be entitled, and these objectives can be achieved by establishing a trust. For example, a charitable remainder trust is one into which property is transferred with a charity named as the final beneficiary. In this arrangement, another individual receives income from the trust for a set period of time and then the remainder is given to the charity. In the end, if your objective is to become a sophisticated donor, it is essential to engage the services of an experienced trusts and estates attorney.


Archived Posts

2017
2016
2015
December
November
October
September
August
July
June
May
April
March
January
2014
2013


Littorno Law Group assists clients throughout Contra Costa County from our offices in Pittsburg and Walnut Creek including Antioch, Brentwood, Clayton, Concord, Lafayette, Moraga, Martinez, Danville, San Ramon, Pleasanton, Livermore, Fremont, Oakland, Piedmont, San Diego, Escondido, San Marcos, Vista, Oceanside, Carlsbad, Fallbrook, Bonsall, Encinitas, La Jolla, Poway, Rancho Bernardo, Del Mar, and the surrounding areas and suburbs.



© 2017 Littorno Law Group | Disclaimer
PITTSBURG OFFICE/MAILING: 2211 Railroad Ave, Pittsburg, CA 94565
| Phone: 800.689.4211 | 925.432.4211
WALNUT CREEK OFFICE: 3100 Oak Rd, Suite 100, Walnut Creek, CA 94597
| Phone: 800.689.4211 | 925.937.4211
RANCHO BERNARDO OFFICE: 11440 West Bernardo Court, Suite 300, San Diego, CA 92127
| Phone: 800.689.4211 | 760.525.3140
DEL MAR OFFICE: 12526 High Bluff Drive, Suite 300, San Diego, CA 92130
| Phone: 800.689.4211 | 760.525.3140

Estate Planning with Revocable Living Trusts | Probate Estate Administration | Elder Law and Medi-Cal Planning | Veteran's Benefits | Prepaid Legal Plans | Advanced Estate Planning | Planning for Children | Estate Litigation | IRA Beneficiary Trusts | Littorno Law Trust Maintenance Program | Estate Tax Planning | Pet Trusts | Estate Planning/Non-Traditional Families | | Staff | Library

FacebookTwitterLinked-In Company

Attorney Website Design by
Amicus Creative


Make a Payment