Explore the benefits of charitable giving through estate planning in California. Learn how to support your favorite causes while optimizing your estate for tax efficiency and legacy preservation. Call us today!

When it comes to estate planning, it's not just about securing your family's future; it's also an opportunity to leave a lasting legacy by supporting causes that matter deeply to you. Charitable giving through estate planning, guided by a skilled Los Angeles estate planning attorney, allows you to make a positive impact on society while preserving your financial legacy.

In California, a state known for its philanthropic spirit, integrating charitable giving into your estate plan is a noble endeavor.

The Power of Charitable Giving

Charitable gifts are at the heart of this endeavor. They are the means through which you can support charitable organizations and causes that align with your values.

Whether you have a specific nonprofit in mind or a particular cause close to your heart, your estate plan can be a powerful tool for contributing to the betterment of society.

Estate Taxes and Charitable Deductions

Estate planning involves addressing various financial aspects, including estate taxes. Understanding the impact of estate taxes on your estate plan is crucial. Fortunately, charitable giving can play a significant role in reducing your estate tax liability.

One way to achieve this is through the estate tax charitable deduction. When you make a charitable donation through your estate plan, the value of that donation is deducted from your taxable estate. This deduction can lead to substantial tax savings, ultimately benefiting both your beneficiaries and your chosen charitable organizations.

Effective Charitable Giving Strategies

There are several effective strategies for incorporating charitable giving into your estate plan:

• Gifts to Charity - You can designate specific assets or a portion of your estate to go to charity. Charitable bequests, for example, allow you to specify in your will or trust which assets or a percentage of your estate should be donated to your chosen charitable organizations.
• Public Charities Vs. Private Foundations - When planning charitable donations, consider whether you want to support public charities or establish a private foundation. Public charities often have a broader reach, while private foundations provide more control over how your charitable funds are managed.

Ensure Legal Compliance

Navigating the legal landscape of charitable giving requires expert guidance. Seek the counsel of a knowledgeable estate planning attorney in Los Angeles, CA who specializes in charitable estate planning. They can ensure that your charitable contributions align with the law and fulfill your intentions.

Take Action: Charitable Giving Through Estate Planning

Charitable giving through estate planning is not just a financial transaction; it's a testament to your values and a reflection of what matters most to you. As you embark on this journey, consider the following steps to ensure your charitable intentions are carried out effectively:

1. Identify Your Philanthropic Goals - Begin by identifying the causes and organizations that resonate with you. Whether it's supporting education, healthcare, environmental conservation, or any other cause, clarity on your philanthropic goals is essential.
2. Consult a Knowledgeable Los Angeles Estate Planning Attorney - Estate planning, especially when it involves charitable giving, can be complex. Seek the guidance of a skilled Los Angeles estate planning attorney who specializes in charitable estate planning. Their expertise can help you navigate the legal intricacies and ensure your charitable contributions align with your estate plan.
3. Review Your Assets - Take stock of your assets and consider which ones you can allocate to charitable giving. This could include cash, stocks, real estate, or other valuable assets. Your attorney can provide insights into tax-efficient ways to structure your donations.
4. Choose the Right Charitable Vehicle - Decide on the most suitable charitable vehicle for your contributions. Common options include charitable trusts, donor-advised funds, and private foundations. Each has its unique advantages, and your choice should align with your philanthropic goals and financial situation.
5. Create a Charitable Estate Plan - Work with your estate planning attorney to integrate charitable giving seamlessly into your estate plan. This involves drafting or amending your will or trust documents to specify your charitable beneficiaries and the assets allocated to them.
6. Maximize Tax Benefits - Understand the tax implications of your charitable giving. Charitable contributions can provide substantial deductions in income and estate taxes. By optimizing your giving strategy, you can maximize tax benefits both for your estate and your chosen charitable organizations.
7. Involve Your Family - If you wish to involve your family in your philanthropic endeavors, consider creating a family philanthropy plan. This can be a meaningful way to pass down your values and engage future generations in charitable giving.
8. Communicate Your Intentions - Clearly communicate your charitable intentions with your loved ones and the charitable organizations you wish to support. This ensures that your wishes are known and can be executed as intended.
9. Regularly Review and Update Your Plan - Estate plans, including charitable provisions, should not be static. Life circumstances and financial situations may change. Regularly review and update your estate plan to reflect these changes and ensure your charitable giving remains aligned with your goals.
10. Seek Professional Guidance for Ongoing Management - Charitable vehicles like private foundations require ongoing management and compliance with regulations. Consider engaging professionals or organizations experienced in philanthropic management to ensure the effective administration of your charitable contributions.

Incorporating charitable giving into your estate plan is a profound way to leave a legacy that extends beyond financial wealth. It reflects your values, passions, and commitment to making a positive impact on the world.

With the support of a skilled Los Angeles estate planning lawyer, you can embark on this meaningful journey with confidence, knowing that your charitable intentions will endure for generations to come.

Benefits to Charity and Your Legacy

Your charitable contributions can have a profound impact on nonprofit organizations. Your support can aid their initiatives, fund critical projects, and make a difference in the lives of those they serve. By naming a nonprofit organization as a beneficiary in your estate plan, you contribute to the continuity of their vital work.

Charitable giving through estate planning offers a meaningful way to leave a lasting legacy. It allows you to support the causes you are passionate about while securing your family's future. By consulting with an experienced Los Angeles estate planning attorney, you can navigate the complexities of charitable estate planning effectively. Begin the journey of making a positive impact today by incorporating charitable giving into your estate plan.

Empower Your Legacy with Charitable Giving with McKenzie Legal & Financial

Our team of highly experienced estate planning attorneys in Los Angeles is dedicated to helping individuals like you craft estate plans that go beyond securing your family's future–they empower you to leave a meaningful and lasting legacy through charitable giving.

With our guidance, you can explore the vast possibilities of incorporating charitable donations into your estate plan, ensuring your financial resources serve not only your loved ones but also the causes dear to your heart.

Contact us today at 562-594-4200 to embark on this transformative journey, where your legacy becomes a force for positive change, while still safeguarding your family's future. Together, we'll navigate the intricate landscape of charitable estate planning and build a legacy that truly matters.

Estate planning is recommended for all people, no matter their income or family status. Most estate planning is straightforward, but some professions have unique factors to consider. Military personnel, for instance, have inherently dangerous jobs and so have different criteria. An experienced estate planning attorney in Los Angeles, CA, ensures that veterans and those in service have a will that clearly states their final wishes.

Estate Plans for the Military

While estate planning differs for military members compared to civilians, it still has many of the same components.

The Similarities

These two components are similar, to a point.

Life Insurance

Life insurance is crucial because it provides your loved ones with financial security while your estate goes through the probate process. However, insurance companies typically charge higher premiums for people in high-risk jobs, which definitely includes active duty military service.

Fortunately, there are insurance providers who specialize in life insurance for military personnel. These include:

• Servicemembers' Group Life Insurance (SGLI), which can include traumatic injury protection (TSGLI), and a disability extension.
• American Armed Forces Mutual Aid Association (AAFMAA)
• Veterans' Group Life Insurance (VGLI)
• Service-Disabled Veterans' Life Insurance (S-DVI)

You must include any life insurance policies you have in your estate planning, not only so that your lawyer has a complete view of your assets but also so they have a complete view of your beneficiaries.

This is important because the designated beneficiaries for your life insurance supersede those named in your will. Your estate planning lawyer will help you keep track of the details of your estate so you can change them if necessary.

Wills and Trusts

Wills are what people usually think of when it comes to estate planning. They specify your final wishes regarding your burial and the distribution of your estate and include essential details about your children's legal guardians.

Trusts are different. They are spaces where you can transfer assets, which are then held and managed according to your wishes; for example, after five years, the capital amount and interest are to be divided between your three children.

Your specialist Los Angeles estate planning lawyer will help you draw up your will or set up a trust according to what is most beneficial to you and your loved ones.

The Differences

This is where the elements diverge.

Veteran Benefits

Military veterans can be eligible for a variety of benefits issued by the Department of Veteran Affairs. In some instances, the benefits carry over to military families and must be included in estate planning. Some benefits, however, cease when the veteran dies.

Read: Estate Planning for Veterans Benefits – Aid and Attendance

For example:

There is a benefit called the VA Pension, which has three levels. It's not a pension in the strictest sense because it's available while you're still alive. The majority of veterans and their spouses are eligible for at least some of the benefits, although many aren't aware that the VA Pension applies to them.

California provides a number of additional benefits for veterans, including:

• Tuition assistance is available for veterans' children who attend college within the California State University system.
• Property tax exemptions for disabled veterans
• Preferred mortgage rates
• Refinancing from the VA home loan program

There are also Survivor Benefit Plans (SBP), which are monthly payments for your spouse and children.

All of which you must discuss with your estate planning attorneys in Los Angeles so they can make provisions for them in your estate plan.

Traditional Will vs. Military Will

Wills have to meet certain requirements for them to be valid.

According to the requirements of a traditional will, you must:

• Be an adult of sound mind
• Confirm that the will is indeed yours (no coercion)
• Sign and date the document before at least two witnesses

Due to the high-risk nature of the job, wills for military personnel have more lenient requirements.

According to the requirements of a military will:

• You can be a minor.
• You needn't be of entirely sound mind and body.
• It doesn't matter if the will is written or oral.
• You only need one witness, depending on the situation.
• It includes only your personal estate and not real estate.

What Goes Into a Military Will?

We've seen what a military will doesn't need, but what should it include? Your Los Angeles estate planning attorney will give you the details, but in essence, they should include:

Two Powers of Attorney, one to make financial decisions (a durable power of attorney) if you're incapacitated and one 

to make health care decisions. Your designated Power of Attorney for health care must know your wishes for various scenarios and be able to carry them out, even if they are difficult.

For example, respect your wishes for a do-not-resuscitate order. It's called a living will or advance health care directive and must be a legally valid document to prove to your loved ones that this is what you really want.

Other Elements to Consider Include:

The following elements don't have to be in your will, but you should at least have considered most of them.

• Legal guardians for minor children or children you support financially, including those with special needs
• Funeral and burial arrangements. Keep in mind that you might be eligible for a military funeral and burial, including military accolades.
• Organ donation
• Family care plans
• Estate taxes (which differ by state)
• Estate administration, which includes probate. Remember, a military lawyer isn't allowed to represent you in court, but your estate attorney can.
• Distribution of assets or naming beneficiaries

Read: How to Plan for an Aging Parent’s Needs

McKenzie Legal & Financial Keeps Your Military Estate Planning In Order

The last element in the process of estate planning is to store it somewhere safe. Many people think that the best place for important legal documents is a safe deposit box. Some states have laws against opening safe deposit boxes after the owner's death. The best place to keep your documents safe is with your estate planning attorney in Los Angeles, CA.

McKenzie Legal & Financial provides all the military estate planning services you need, including secure storage and protection of the documents until you need them - preferably when you check in and update the file every few years.

Gain peace of mind by trusting your California estate planning documents to our experienced estate lawyer in Los Angeles.  Call 562-594-4200 or complete the contact form on our website to book a free consultation.

A deceased person's last will is not ironclad. Beneficiaries can contest the provisions made in the will if they feel that they've been cheated out of their fair share of the estate. To avoid this, testators might put the bulk of their estate in trust and use a no-contest clause to prevent contestation. However, as any estate planning attorney in Los Angeles will tell you, the clause is not always a deterrent.

What is a No Contest Clause?

In its most basic form, a no-contest clause means that if a beneficiary challenges the terms of the trust or will in court and loses, they will also lose whatever inheritance they had. They disinherit themselves.

The idea is that beneficiaries are less likely to contest the terms of a will or trust if there's a risk that they'll lose everything. Not only will they lose it all, but they'll also be left with hefty legal fees, which can run into tens of thousands of dollars. In some cases, legal fees can even run into the hundreds of thousands of dollars.

That's not to say that a trust beneficiary should never contest a will or trust. If you think you have a case, discuss the matter with a trust lawyer in Los Angeles. They give you legal advice about the strength of your case and whether the potential challenge is worth taking to court.

Beneficiaries Who Have Nothing To Lose

What the will or trust creator may not have considered is the determination of someone who has nothing to lose. For example, if all they inherited was a grandfather clock they never wanted, it might be worth contesting the will in court.

Someone who was left out of the will entirely also has nothing to lose in estate litigation, except a Los Angeles estate planning lawyer's fees.

Why Use a No Contest Clause?

A no-contest clause is often used when testators make last-minute changes to their will. The decision is usually based on new information or circumstances that change their outlook.

For example, you may have removed your ex-husband from your will when you divorced 10 years ago, but then you find out that he's struggling financially. In a final act of goodwill, you leave him 15% of your estate. To do so, you take 3% from your two children. Their relationship with their father is tattered, and despite the enormous risk, they decide to contest the change.

It could also go the other way around. Your ex-husband believes he deserves a significant share of your estate, despite the rocky nature of your relationship. He might feel cheated when he gets only 5%, and then, because his risk is low, he contests your will to get a larger share.

Discuss Changes With Your Heirs

Discuss any changes to your estate plan with your most significant beneficiaries, usually your children. They are more likely to understand your thinking and less likely to dispute the change if you are open and honest with them.

This gives them the chance to raise objections and perhaps settle arguments before they die, so there is no acrimony when they pass.

When Does a No Contest Clause Apply?

The aim of a no-contest clause is to prevent challenges and arguments over the terms in a will or trust. In fact, it's often added to keep the peace between beneficiaries. However, beneficiaries don't always see it that way.

The clause applies when testators make clear their wishes that a very specific part of their will be honored. They foresee potential problems down the line and want to circumvent them.

In this instance, discretion is the better part of valor, so instead of completely disinheriting a family member, an estate attorney might suggest that it's worthwhile to leave them something that has some value at least. Sometimes all they want is to be recognized, and the token suffices.

Other times, they might decide that it's actually not worth the time or money to challenge the will.

Once again, talking about your options with an experienced estate planning attorney in Los Angeles is a good idea. They might recommend a meeting with those concerned to thrash out the details of your estate documents.

A Californian lawyer will also be able to explain how the state deals with no-contest clauses in estate planning. The laws differ from state to state, so you need to ensure that your will, and clauses, comply with Californian law.

How Does a No Contest Clause Work in a Will or Trust in California?

Generally, no-contest clauses are tricky to enforce in California. The revised contest law favors challenges, especially if they involve minor children or the challenger has reasonable (probable) cause to contest the will.

One of the situations that enforces no-contest clauses, according to Probate Code Section 21311, is a direct contest without probable cause. This includes contestation that alleges invalidity based on grounds that include:

• Forgery
• Lack of due execution
• Lack of capacity
• Menace, duress, fraud, or undue influence
• Revocation of a will under certain sections
• Beneficiary disqualification under certain sections

Probable cause is at the court's discretion. If the court decides that the challenge was based on reasonable grounds, even if they were erroneous, they won't lose any assets they may have inherited.

Attorneys Specialize in Wills and Trusts and No Content Clauses

Your last will and testament is your lasting legacy, and as such, it's important for you to draw up an estate planning document that is legally sound, with or without a no-contest clause. 

McKenzie Legal & Financial has a department of estate planning attorneys in Los Angeles, CA, who can ensure your will complies with California's no-contest laws while upholding your wishes.

For a free consultation to discuss your will and the distribution of your estate, complete the online form on our website or contact us at 562-594-4200 and we’ll get back to you today!

Did you know that elderly abuse costs the US $36.5 billion annually, according to the National Council on Aging? An elder law attorney in Los Angeles can protect them from maltreatment.

Moreover, according to estimates, one in 10 Americans aged 60+ years will be victimized financially, physically, emotionally, sexually, or through willful deprivation. It means that at least five million elders are abused each year in the US.

How Your Estate Plan Can Help Prevent Elder Exploitation

Through thorough estate planning, law attorneys help prevent all forms of financial abuse. This is important because financial abuse is among the fastest-growing types of elderly abuse. It relies largely on fraudsters earning their trust and then fleecing them for everything they've got. 

Another type of fraud or abuse also includes long-term neglect, This usually occurs when a fraudster or scammer insinuates themselves into the elderly person's life, perhaps even marrying them, and then living on their pension or social security while intentionally depriving the person of food and sanitation, etc. 

5 Ways to Prevent Elder Financial Exploitation

1. Appoint Someone to be a Durable Financial Power of Attorney

The difference between a financial power of attorney and a durable power of attorney is the power they have after incapacitation. 

A non-durable financial power of attorney is only able to act on behalf of the older person until they become incapacitated. A durable financial attorney continues to make financial decisions and act on behalf of the person beyond incapacitation. 

An elder care attorney in Los Angeles ensures that the finances and financial transactions are managed no matter how the older person became incapacitated. In this way, durable financial powers of attorney can still protect the elderly from estate planning fraud and grandparent scams.

2. Use a Tracking Service for Bank Accounts, Investments, and Credit Cards

There are tracking tools that monitor the accounts and identify suspicious movements, for example, an increase in the number and value of withdrawals.

EverSafe is one of the monitoring service providers. It provides a comprehensive service that includes analyzing historical behavior to red-flag suspicious activity. 

Once it detects anomalies, it sends alerts to trusted advocates like friends or family, who can then decide on a course of action; for example, reporting the activity to the financial institution and freezing the account.

Monitoring tools pick up common warning signs and any other activities of a wrongful nature.

3. Open a Daily-Use Bank Account

A California elder law attorney will help you open a new account. It's a good way to protect older people with cognitive impairment, reckless spending habits, or other conditions that increase their vulnerability to fraudsters. The main account contains most of the income to cover monthly transactions, but a portion is deposited in the second bank account for personal use.

It's essentially an allowance that can, with discretion, be topped up throughout the month. It prevents prime targets from common tactics that include investment fraud and foreign lottery scams.

Look at it as a matter of saving someone from themselves, so if they're targeted by scam artists and convinced to hand over their life's savings, the savings accessible are severely limited.

The bulk of their money is safe in the primary account, so their lifestyle and the well-being of their financial future don't take a hit.

4. Stay in Touch

One of the reasons vulnerable adults fall prey to scammers is the lack of immediate care and support. This isn't necessarily intentional. Children move, perhaps they move regularly, which makes it difficult to be physically near their parents. 

Parents themselves might insist on maintaining their independence and insist children keep living their own lives. In these instances, regular phone calls, text messaging, face-to-face calls, or Skype, are great to stay in touch and for family members to be included in the lives of their siblings and parents. 

Face-to-face calls are also a good way to keep an eye on the parents' health. For example, they can raise the alarm if several calls are missed and have a trusted friend pop in to see if everything is well.

It helps from a legal standpoint if this friend has been appointed a person of trust by a Los Angeles elder law attorney, so they can make temporary arrangements for care and assistance services.

5. Check their Credit Report Often

A credit report isn't going to show anomalies right away, but it will show variations that may need to be traced. The first credit report is free, thereafter, a $14.50 fee can be charged. Given the devastation that financial abuse can wreak, the said amount isn't that much for adult children to pay.

There are three agencies that provide credit reports and each has slightly different criteria and calculations. A Los Angeles elder care attorney will suggest that clients get at least one report from each agency throughout the year, just to keep an eye on things.

Plan Your Estate with a Reputable Elder Law Attorney in Los Angeles, CA

One of the most important ways in which elders are protected from financial fraud is to have a certified elder law attorney in Los Angeles, CA guide them through estate planning.

McKenzie Legal & Financial works closely with clients to create personalized estate plans that specifically protect elderly people from the dangers of financial abuse or fraud. 

One of the areas in which our team excel is the time we dedicate to your case. We ensure that you get all the time you need to work through estate planning. We're there to provide care and support as you go through an emotional process.

Don't leave estate planning until you experience a crisis. Start now and prevent the pain and dismay that are inherent in financial abuse. For a free consultation, call us at 562-594-4200 at McKenzie Legal & Financial today!

How Can a Los Angeles Estate Planning Attorney Help You?

While it may seem like something only those nearing retirement or end of life should consider, every adult can benefit from having an estate plan. Every situation is different, but having a plan ensures that your Los Angeles estate and finances are in good hands.

The process of planning your estate involves a lot of work. You’ll need to create legal documents, including wills, trusts, letters of attorney, and more. While it might be possible to do some of these things on your own, you’ll always benefit from hiring a Los Angeles estate planning attorney.

What is an Estate Planning Attorney?

An estate planning lawyer is simply an attorney who specializes in handling estate planning matters. While there are no specific or required certifications to take on this focus, most estate planning lawyers acquire this specialization through years of experience dealing with related issues.

The ultimate goal of an estate planning attorney in Los Angeles, CA is to assist clients in preparing for the end of life and the financial legacy that they’ll leave. Most notably, these kinds of lawyers are known for helping draft wills and setting up trusts. Your lawyer can also help minimize estate and inheritance taxes, transferring your assets to your beneficiaries, and helping to navigate probate if necessary.

An estate planning attorney also helps to ensure that you’re prepared for end-of-life scenarios, especially in the case where you are no longer able to make decisions for yourself. These attorneys can help set up living wills, advance directives, and healthcare letter of attorney documents.

With ever-changing laws and tax codes, you must work with a professional. There are a variety of templates available online so that people can write their own wills, but the challenge is that these documents are not one-size-fits-all. Because your situation is unique, you don’t want to trust a cookie-cutter legal document. Moreover, if you make a mistake, it could result in your final wishes not being followed or putting a loved one in a complicated situation after you pass on.

Why You Need An Estate Planning Attorney

Estate planning involves more than a will

People often confuse estate plans with wills. While these two terms are closely related, they are two very different things. An estate plan is a set of legal documents that prepare for your death or disability. A will is one of the legal materials included in an estate plan. This plan also includes things like health care or financial letters of attorney, disposition of personal property and final remains, and more.

Save time, energy, and money

While you may feel like planning your estate is more of a DIY project, there is a great deal of time involved. You might spend countless hours finding the proper forms, learning the appropriate laws, and making sure everything is in order. Even finding and adapting online templates takes time. An estate planning attorney Los Angeles professional  is already abreast with ever-changing laws, which forms to use, and how to move through the process seamlessly.

Beyond saving time and energy, working with a professional will save you money over the long haul. While it may seem counter intuitive to pay for help to save money, estate lawyers can reduce your long-term fees. If you attempt an entire estate plan on your own and make a mistake, it can end up costing a great deal later on. Estate planning lawyers in Los Angeles California also know how to navigate complex tax codes, which can amount to a great deal in savings.

Objectivity

Since estate planning attorneys are separate parties from your life, they can offer objectivity that you can’t afford to yourself. Your lawyer can act as a new voice of reason regarding current and future estate planning needs. There may also be options outside what you are currently considering. Perhaps leaving your entire estate to a child isn’t the most financially sound plan, and setting up a trust would be better. Being able to look at your situation with a fresh set of objective eyes is a huge help.

What Goes into an Estate Plan?

1. Your will

A will is probably the primary document that comes to mind when planning your estate. Your will lays out who you want to take over your assets after you pass away. It also helps ensure that your assets are distributed according to your wishes. If you have children under eighteen, your will also states who will become their guardian. You can distribute your property to a single person, multiple people, or a charity. You are not required to leave anything to family members if you don’t want to. How your assets are handled is entirely up to you.

If you do not have a will, decisions about your assets, property, and minor children are made by a local court. Even if you’ve given verbal instructions to a close personal friend or family member about how you’d like your estate handled, a court makes the final decision absent of an official will.

2. Trusts

Trusts are primarily arrangements that hold assets on behalf of a beneficiary. There are a variety of kinds of trusts, so it’s essential to work with a qualified estate planning lawyer in Los Angeles to ensure they are set up correctly. Some trusts, called revocable trusts, can help your estate avoid probate. Other trusts, known as irrevocable trusts, help to limit exposure to estate taxes. Of course, there are pros and cons to each kind of trust. The best step is to talk to a professional who can help you determine if a trust is right for you and which type will best accomplish your goals.

3. Powers of Attorney and Living Will

A durable power of attorney provides someone of your choosing the legal authority to act on your behalf. The person you select should be someone that you trust to work in your best interest if you are incapable of doing so yourself. If you do not appoint an agent or attorney-in-fact, the judge will either appoint one for you or will make the necessary decisions in court.

4. Letter of Intent

Beyond the legal documents and beneficiary designations, you should also consider drafting a letter of intent. While this document will not supersede a will and doesn’t carry any real legal weight, it helps your loved ones cope after your passing. A good letter of intent contains account numbers, passwords, PINs, and more. Typically, a copy of your message would go to the executor of your estate as well as your spouse or trusted family member.

The Bottom Line

Planning your estate involves countless, complex decisions. Hiring a Los Angeles estate planning attorney is the best way to make sure your plans are complete, legal, and followed after you’re gone. Working with a professional means knowing that you won’t have to worry about what happens to your estate and assets. While it may not be pleasant to consider your own end, there is no better time  than now to start planning for the future of your loved ones.