How Do You Leave Your Estate to a Charity?

Florida Attorney Reed Bloodworth is the Founder and CEO of Bloodworth Law with offices in Orlando, Florida, and Winter Haven, Florida.

How Do You Leave Your Estate to a Charity?

Reed and the Bloodworth Law Estate Planning team work with people who want to leave their estate or a portion of their estate to one, or to several charities. So, in Florida, how do you leave your estate to a charity?

#1: Donate up to $16,000/year

“There are multiples ways to leave your estate to one, or to several charities,” Reed said. “Right now, while you are living, you may give away $16,000 per year to charity, tax-free.”

#2: Name Charities As Beneficiaries

• Payable On Death, Or Transfer on Death

Another option is to name charities as beneficiaries on life insurance policies, investment, and retirement accounts through payable on death or transfer on death designations.

#3: Charitable distributions in a will

Specific charitable distributions can be made to charities in a will, but those gifts will go through probate before being distributed to the charities.

#4: Charitable bequests in a trust

Specific charitable bequests can be made in a trust. A trust is a fiduciary arrangement where a trustee holds assets for a beneficiary or beneficiaries.

#5: Establish a Charitable Trust

You may establish a charitable trust of which there are several types.

A trust can distribute income to beneficiaries for a time, and then, in the end, everything goes to a charity.

Or, a trust can distribute income to a charity, and then, in the end, everything goes to beneficiaries.

A Split Interest Trust

This form of trust is considered a split interest trust because of its dual beneficial interests: it has the ability to benefit a qualified charity as well as non-charitable beneficiaries.

Private Foundation Trusts

Trusts can be created to benefit one or more private foundations, known as private foundation trusts.

Florida Estate Planning

If you live in Florida and you’d like to leave your estate or a portion of your estate to one or several charities, talk with Reed and the Bloodworth Law Estate Planning team to learn about the many estate planning options available to you, your family, and your business.

Reed Bloodworth is a 2022 U.S. News and World Report Best Lawyer for his work in Commercial Litigation, Trusts and Estates Litigation, and Real Estate Litigation. Reed is the Founder and CEO of Bloodworth Law, a 2022 U.S. News and World Report Best Law firm.