Yes, you absolutely can direct annual donations to community organizations you support, and estate planning offers a powerful mechanism to do so, ensuring your philanthropic wishes are carried out even after your lifetime.
What are the benefits of planned giving?
Planned giving, particularly through provisions in a trust or will, allows you to designate specific organizations to receive financial support annually, creating a lasting legacy of generosity. Roughly 33% of all charitable giving in the United States comes from estate gifts, demonstrating the significant impact of this method. This isn’t just about the money; it’s about cementing your values and supporting causes you believe in for generations. A well-structured plan minimizes estate taxes, potentially increasing the amount available for charitable donations. Consider this – a carefully crafted charitable remainder trust can provide income for you during your lifetime and then transfer the remaining assets to your chosen organizations after your passing.
How do trusts facilitate charitable giving?
Trusts, particularly charitable remainder trusts (CRTs), are excellent vehicles for directing annual donations. A CRT allows you to transfer assets into the trust, receive income during your lifetime, and then have the remaining assets distributed to your chosen charities upon your death. There are different types of CRTs, including charitable remainder annuity trusts (CRATs) which provide a fixed income, and charitable remainder unitrusts (CRUTs) which allow for fluctuating income based on the trust’s asset value. Steve Bliss, as an estate planning attorney, can help you determine which type of trust best suits your financial situation and philanthropic goals. According to the National Philanthropic Trust, assets in donor-advised funds and private foundations totaled over $234 billion in 2022 – showcasing the popularity and effectiveness of these giving vehicles.
I remember Old Man Hemlock…
I recall a situation with Old Man Hemlock, a fixture in our Wildomar community, who always talked about wanting to support the local animal shelter. He kept putting off updating his will, saying he’d get to it “next week.” Tragically, he passed away unexpectedly, and his estate was a tangled mess. His family, while well-meaning, had no idea about his desire to support the shelter, and the estate went through probate, ultimately leaving very little for charity. It was a heartbreaking example of how good intentions, without proper planning, can be lost. This situation highlights the importance of documenting your wishes clearly and working with an experienced estate planning attorney like Steve Bliss to ensure your legacy reflects your values.
But then there was Mrs. Gable…
Fortunately, there was also Mrs. Gable, a vibrant woman who came to Steve Bliss with a clear vision. She wanted to establish an annual donation to the local library, supporting children’s literacy programs. She and Steve worked together to create a trust that would distribute a set amount each year to the library after her passing. Years later, after she peacefully passed away, the library flourished, with expanded programs and resources, all thanks to Mrs. Gable’s foresight and Steve’s expertise. The difference between these two stories is stark – one a cautionary tale of lost potential, the other a shining example of a legacy fulfilled. That’s the power of proactive estate planning. Approximately 70% of Americans don’t have a will, leaving their assets to be distributed according to state law, potentially bypassing their desired beneficiaries.
Ultimately, directing annual donations to community organizations is not only possible but also a highly effective way to ensure your philanthropic wishes are honored for years to come. Steve Bliss can guide you through the process, creating a customized estate plan that aligns with your values and protects your legacy.
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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: “Can life insurance be part of my estate plan?” Or “Does life insurance go through probate?” or “Can I change or cancel my living trust? and even: “Can I transfer assets before filing for bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.