This article is part of the Professional Advisor Insights series.
As you create or revise your estate plan it is important that your core values are clearly represented in your planning documents. Whether that be education, charitable intent, or the security of your survivors, the objectives should be covered by both the legal structure and communication of intent to beneficiaries.
For those clients with charitable goals, the use of a Donor Advised Fund (DAF) can add efficiency to your estate plan and be an excellent tool to begin a conversation with your heirs.
In our experience the DAF may also serve as a tool to begin a conversation with your heirs regarding your legacy, values, and the roles assigned in your estate plan.
Beginning this conversation before significant events or health concerns allows communication and discussion with clarity and emotional calm. Family meetings regarding charitable giving are a creative way to facilitate teamwork, brainstorming, and decision making amongst family members.
In addition to charitable bequests, the primary objective of most individuals is to ensure your spouse or loved ones are sufficiently cared for financially if you should pass. Often we see clients wishing to bequest assets at their passing, leaving the remainder to their spouse. This poses the big question:
Can you achieve your wishes with your current mix of real and investible assets?
To answer this question, we recommend you work with your financial advisor to create a detailed financial plan with various “what if” scenarios. The financial plan is a dynamic tool that can be updated as your asset mix changes and grows, or your wishes inevitably change.
A comprehensive plan should address:
We encourage you to work with your team of financial professionals, such as your advisor, estate attorney and tax professional, to address your wishes and comprehensively plan for your legacy.
** The information provided should not be interpreted as a recommendation, no aspects of your individual financial situation were considered. Always consult a financial professional before implementing any strategies derived from the information above. For further disclosures visit: http://www.weatherlyassetmgt.com/adv/.
Learn More About Donor Advised Funds
This article was written with help from Kelli Ruby, CFP®.
Ashley Copp is a Chartered Financial Analyst (CFA) charter holder and partner at Weatherly Asset Management, a fee – only investment advisory firm based in Del Mar, California. Weatherly Asset Management is a holistic advisor striving to deliver creative solutions as clients navigate critical financial, entrepreneurial, and planning decisions. We leverage a collaborative team based approach to provide comprehensive high quality advice and education to our clients and community. Learn more http://www.weatherlyassetmgt.com/.
On August 9, 2022, we awarded $838,704 in Opening the Outdoors grants to 24 nonprofit organizations that offer equitable access to outdoor spaces in San Diego County.
“San Diego Foundation is proud to once again support its partners committed to increasing community-driven efforts to enhance accessible outdoor space, encourage youth to learn more through hands-on education and create the next generation of environmental stewards in the San Diego region,” said Christiana DeBenedict, SDF Director of Environment Initiatives.
This year’s grantees will help address these inequities and enhance access to the outdoors throughout San Diego County.
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