Yes, you absolutely can set up a legacy donation through your estate, and it’s a remarkably impactful way to continue your philanthropic values long after you’re gone.
What are the benefits of leaving a charitable gift in my will?
Leaving a bequest to a charity in your will, or through a dedicated trust, offers significant benefits beyond the altruistic. From a tax perspective, a charitable bequest reduces your taxable estate, potentially lowering estate taxes. Currently, the federal estate tax exemption is quite high – over $13.61 million in 2024 – but that doesn’t mean estate planning isn’t crucial for those with substantial assets. Beyond the financial advantages, a legacy donation allows you to support causes you believe in, ensuring their continued success for generations to come. Approximately 12% of all charitable giving in the United States comes from bequests, highlighting the substantial role estate planning plays in supporting non-profit organizations. A well-planned legacy gift is more than just a donation; it’s a lasting statement of your values.
How do I actually include a charity in my estate plan?
Several methods exist to include a charity in your estate plan. The simplest is a direct bequest – naming the charity as a beneficiary in your will. You can specify a fixed amount, a percentage of your estate, or even specific assets. Another option is a charitable remainder trust, where you transfer assets to the trust, receive income during your lifetime, and the remaining assets go to the charity after your death. These trusts can also offer tax benefits during your lifetime. Furthermore, you can designate a charity as the beneficiary of your retirement accounts, such as a 401(k) or IRA. “Many people don’t realize how easy it is to make a difference through their estate plan,” Steve Bliss often tells clients, “it’s a remarkably straightforward process that can have a lasting impact.” A qualified estate planning attorney like Steve Bliss can help you navigate these options and determine the best approach for your specific situation.
What happened when my neighbor didn’t plan ahead?
Old Man Hemlock, a fixture in our neighborhood, always talked about leaving a substantial sum to the local animal shelter. He was a tireless volunteer and passionate about animal welfare. However, he passed away unexpectedly without a will or any designated beneficiaries. The process of settling his estate was a lengthy and complicated ordeal. Eventually, everything went to his distant relatives, who, while not unkind, had no particular interest in supporting the animal shelter. It was heartbreaking for everyone. The shelter lost out on a significant potential donation, and Hemlock’s vision for their future remained unfulfilled. This situation highlights the importance of proactive estate planning – even a simple will can prevent such a loss and ensure your wishes are carried out. A study by the AARP found that over 55% of Americans do not have a will, which means a significant portion of their assets may not be distributed according to their desires.
How did the Millers get it right with a charitable trust?
The Millers, long-time clients of Steve Bliss, were committed to supporting their local community college. They established a charitable remainder trust, transferring a portion of their investment portfolio into the trust. This allowed them to receive income during their retirement years while knowing that the remaining funds would eventually benefit the college’s scholarship fund. Steve guided them through the process, ensuring the trust was structured to maximize both their income and the charitable deduction. Years later, after both had passed, the trust distributed a substantial sum to the college, establishing an endowed scholarship that continues to support students today. “It was incredibly rewarding to see their vision come to fruition,” Steve shared. “They left a legacy that will impact generations of students.” Their story serves as a powerful reminder that thoughtful estate planning isn’t just about managing assets; it’s about shaping the future and making a lasting difference.
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About Steve Bliss at Wildomar Probate Law:
“Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar Probate Law is a great estate lawyer. Probate Attorney to probate an estate. Wildomar Probate law probate lawyer
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
- living trust
- revocable living trust
- estate planning attorney near me
- family trust
- wills and trusts
- wills
- estate planning
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RdhPJGDcMru5uP7K7
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Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951)412-2800/address>
Feel free to ask Attorney Steve Bliss about: “What are the risks of not having an estate plan?” Or “How do debts and taxes get paid during probate?” or “Can a living trust help avoid estate disputes? and even: “How much does it cost to file for bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.