Legacy Plan Can Include Giving to Charitable Causes

Legacy planning is something to discuss with your attorney if you feel as though you would like to cast a long shadow even after your passing. There are various things that you can do to make your influence felt, and one of them would be to set aside resources for charitable causes.

One way of doing this is by starting a private family foundation. The huge foundations that are named after some of the wealthiest individuals our country has known are going to be staffed, and they incur significant administrative expenses.

For this reason many people will steer clear of this option, however it should be known that there are thousands of smaller foundations out there that do not have staffs, and many of them were started with less than $1 million. So starting a charitable foundation is indeed a possibility for many people who are not billionaires.

Donor advised funds are another option. These funds are set up to accept contributions, even securities, and in turn the donor can recommend that grants be endowed to numerous different charities.  So instead of dealing with multiple different charitable organizations, you are interacting with just one entity, and this saves you time and streamlines your accounting processes.  Additionally, since administrative costs are spread out among everyone who is utilizing a given fund, these expenses are quite manageable for each individual donor.

To learn more about how you can make charitable giving a part of your estate plan, don’t hesitate to contact us to arrange for a free legacy planning consultation.

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Litherland, Kennedy & Associates, APC, Attorneys at Law

Litherland, Kennedy & Associates have been providing quality estate planning services in the Greater Bay Area since 1975. They are committed to helping those concerned with protecting their families from the devastating legal effects of disability and death. With the aid of public seminars, educational presentations, articles, and radio/television interviews, the law office has championed the use of revocable living trusts as a proven way to protect families from probate, to minimize or eliminate federal estate taxes, and to prevent the Medi-Cal Recovery lien. Roy W. Litherland and Justin M. Kennedy are certified as Legal Specialists in Estate Planning, Trust and Probate Law by the California State Bar Board of Legal Specialization. They are members of the American Academy of Estate Planning Attorneys and National Academy of Elder Law Attorneys.

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