Los Angeles, Calabasas, Westlake Village & San Fernando Valley, CA Charitable Estate Planning Attorney
For many of our clients, charitable giving is not an afterthought—it is a central part of how they want to be remembered. Whether you wish to support a religious organization, a university, medical research, or a community foundation, charitable planning allows you to align your philanthropic goals with a comprehensive estate plan that also provides for your family.
Done correctly, charitable planning may also reduce income taxes during your lifetime and estate taxes at death. Done incorrectly, it can create unnecessary complexity for your heirs or produce results very different from what you intended. Steelyard Consulting helps clients structure gifts that accomplish both charitable and family objectives.
Outright Gifts During Life and at Death
The simplest form of charitable planning is an outright gift to a qualified public charity, either while you are living or through your will or trust at death. Outright gifts are easy to understand and administer. They may provide an immediate income tax deduction when made during life, or an estate tax deduction when made at death.
Many clients also name charities as contingent beneficiaries of retirement accounts or life insurance policies. Because these assets may be subject to both income tax and estate tax when left to individual beneficiaries, directing them to charity can sometimes produce a more efficient overall result for the family.
Charitable Remainder Trusts
A charitable remainder trust (CRT) allows you to transfer appreciated assets to a trust, receive an income stream for yourself or a loved one for a term of years or for life, and then direct the remainder to one or more charities. CRTs are often used when a client holds highly appreciated stock or real estate and wishes to diversify without recognizing all of the capital gain at once.
CRT planning requires careful attention to payout rates, the identity of the charitable remainder beneficiary, and the selection of a trustee. We work with you and your financial and tax advisors to determine whether a CRT fits your situation and, if so, how it should be integrated with the rest of your estate plan.
Charitable Lead Trusts and Dynasty Giving
A charitable lead trust (CLT) reverses the order of benefits: charity receives payments for a period of years, and the remaining assets eventually pass to your heirs. CLTs can be useful for clients who wish to support charity now while transferring wealth to the next generation at a reduced gift or estate tax cost.
Families with larger estates sometimes combine charitable planning with dynasty trust structures so that philanthropic values are passed along with financial assets. We can advise you on how to involve children and grandchildren in grant-making decisions without sacrificing the protections your plan provides.
Donor-Advised Funds and Private Foundations
Donor-advised funds offer a flexible, low-administration way to make charitable gifts over time. You receive a deduction when you contribute to the fund and then recommend grants to specific charities in future years. Private foundations provide greater control but also require ongoing compliance and reporting.
We help clients evaluate which vehicle best matches their giving goals, the size of their intended gifts, and the level of family involvement they desire.
Balancing Family and Charity
Charitable provisions should never be drafted in isolation. Your plan must also address who inherits first, how much liquidity your heirs will need, and whether any beneficiary requires special protections such as a lifetime trust. We take a holistic view so that your charitable goals enhance rather than undermine your family’s security.
Many of our charitable planning clients are referred by CPAs, financial advisors, and insurance professionals. We welcome the team approach and are accustomed to working collaboratively with advisors you already trust.
Schedule a Consultation
If charitable giving is part of your legacy, we invite you to discuss your options with an experienced estate planning attorney. Please contact us or request a complimentary consultation today.