Charitable giving is a common feature of many estate plans. In many cases this takes the form of a simple gift in a person’s last will and testament, but charitable giving can also involve complex trust arrangements designed to benefit both the charity and the donor or their family. Trustee,…
Many people pledge money to charity as part of their estate planning. In California, charitable pledges are generally not enforceable in court unless the donor receives some consideration, thereby creating a binding contract. For example, if a college offers to name a building after you in exchange for your gift,…
Many people pledge money to charity as part of their estate planning. In California, charitable pledges are generally not enforceable in court unless the donor receives some consideration, thereby creating a binding contract. For example, if a college offers to name a building after you in exchange for your gift,…
Estate planning and tax planning often go hand in hand. There are many estate planning devices which allow you to (legally) obtain tax benefits. One example is a charitable remainder trust, which is a special type of estate planning trust that can provide an immediate tax benefit for you while…
Your deathbed is not the right place to make a will or begin the estate planning process. Individuals who are hospitalized or dying are often subject to the undue influence of others. California courts may invalidate a will or other estate planning document if there is substantial evidence of such…
Many people use their estate plan to “leave a legacy.” A common example of this is making a gift to a charitable organization as part of a last will and testament. A person might, for instance, leave a gift to a university with instructions to establish a scholarship in his…
Many people wish to “leave a legacy” by making a charitable contribution through their estate plan. The Internal Revenue Service, which collects data from large estates required to file a federal estate tax return, reported more than $1.6 billion in charitable bequests from California residents alone in 2012. Charitable bequests…
A family business can impose unique estate planning challenges. Assets like cash and stocks can be easily divided among multiple heirs. But a business is an ongoing concern, and not all family members may be part of the company. Ultimately, a business owner’s estate planning must weigh the needs of…
ESPN recently conducted an investigation of over 100 charities founded by professional athletes and found that nearly three-quarters of them failed to meet nonprofit industry standards. In some cases these “charities” failed to distribute any funds for their stated charitable purpose. Indeed, many athlete charities were barely funded and ran…
You can donate your old car to raise money for your favorite charity and also qualify for an income tax deduction. Throughout California, local and national charities accept car donations. In some instances, even if your car does not run, you can still claim the fair market value, which might…