Dedicated estate-planning and probate attorney Michael Smith, founder of Smith Barid, LLC, highlights how charitable giving can be integrated into estate plans to create a lasting legacy. For details, visit https://smithbarid.com
-- Donating to a meaningful cause or charity can be done either during one’s lifetime or through an estate plan after passing away, according to Michael Smith of Smith Barid, LLC, in a recent interview that shed light on incorporating charitable giving into estate planning.
For more information, please visit https://smithbarid.com
While philanthropy has long been a driving force for societal improvement, many individuals may not realize how closely probate and charitable giving are connected as a means to create a lasting legacy.
According to the Giving USA Foundation, charitable donations in the U.S. have reached nearly $450 billion annually, the highest amount recorded since the foundation began issuing its yearly report. Individual donations make up the majority of these contributions, followed by foundations, bequests, and corporations.
Smith explained that probate—the legal process of settling an estate—provides a unique opportunity for individuals to continue their philanthropic efforts even after their passing.
Testamentary charitable giving allows individuals to allocate a portion of their estate to causes and organizations that are most meaningful to them. The first step, Smith suggests, is to carefully select charitable beneficiaries and determine the most efficient legal methods to ensure the timely and effective distribution of assets.
“Philanthropic gifts made through a will or trust can also offer potential tax benefits,” Smith noted. “These can include reductions in estate taxes and deductions for charitable donations, helping to maximize the impact of one’s generosity.”
He emphasized the importance of planning ahead and seeking guidance from an experienced estate planning attorney, particularly one knowledgeable in both probate and charitable giving, to ensure that contributions are structured in a way that aligns with the donor's wishes.
There are several ways to make charitable gifts through an estate. One common option is a bequest—a written provision in a Will or Living Trust that directs specific assets or a percentage of the estate to a charity, either for general use or for a designated purpose.
Other charitable giving methods, according to Smith, include pledges, deferred gifts, donating appreciated tangible assets, gifting publicly traded securities, transferring restricted stock, or naming a charity as the full or partial beneficiary of retirement plan assets.
Smith also highlighted the Charitable Lead Trust (CLT), an irrevocable trust that provides regular payments to one or more charitable organizations for a specified period, which could last for a set number of years or throughout the lifetime of the donor or their family members.
Before beginning their charitable giving journey, Smith advises individuals to reflect on three key factors: which cause they want to support (such as medical research), which specific organizations will best carry out that mission, and how they wish to structure their gift—whether as a one-time contribution or spread out over time.
“A knowledgeable estate planning attorney can help create a charitable giving plan that aligns perfectly with your overall estate strategy,” Smith concluded. “With so many options available to leave a meaningful legacy, consulting with an attorney is the best way to ensure your philanthropic goals extend beyond your lifetime.”
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Contact Info:
Name: Michael Smith
Email: Send Email
Organization: Smith Barid, LLC
Address: 7393 Hodgson Memorial Dr #202, Savannah, GA 31406, United States
Phone: (912) 452-2224
Website: https://smithbarid.com
Release ID: 89168455
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