Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao to break down methods of utilizing estate planning for charitable giving. They highlight how a bequest in a will or trust offers informative instructions on how much money is being given and to what charity.
Joe and Teresa highlight the risks involved when the correct legal name of the charity is not used in the estate planning documents and how closely these conditions are monitored. They also talk about what may happen if someone leaves all of their money to a charity and the surviving family members contest the will or trust.
They also talk about what may happen if a charity is not identified, but rather, a request is left that the heirs donate a percentage of assets to a specific charity after death. Teresa also highlights the ins and outs of naming a charity as the beneficiary of a retirement account, as well as how pet trusts are created, in order to take care of pets after you die.