Shaun W. Wiedrick is an Estate Planning and Elder Law attorney with 25 years of experience. His office, SHAUN W. WIEDRICK, P.A., is located in The Royal Palm Financial Center, at 759 SW Federal Hwy., Suite 212, Stuart, FL 34994. Contact him at www.WiedrickLaw.com, or call (772) 463-4443, or e-mail his assistant Kate, at kate.wiedricklaw@att.net.
In days of fluctuating interest rates, social change, and international conflicts, a good and solid estate plan is more important than ever. The “Big Four” documents – a Last Will and Testament, Revocable Trust, Power of Attorney, and Health Care Surrogate – are as important as ever in times like these. Every planner knows that these core estate planning documents serve as the foundation of your family’s future, and many planners realize that charitable giving to trusted institutions like the Treasure Coast Hospice Foundation (TCHF) can be just as important.
Some may find themselves with assets that fluctuate in value, such as certain stocks, real estate investments with high tax burdens, or digital assets. Clients may be concerned about leaving these assets to their family as part of a legacy devise…who knows what that value might be in the future? Assets like these are excellent candidates for a lifetime gift to an established charitable institution. Gifting assets to a charity during life results in the more stable assets being devised to the family later, and also gives our clients the happiness of seeing the results of their good work during life…something a testamentary devise cannot provide!
When we look more to the future, we also consider how incorporating a charity into your documents can assist in giving our estate plan a smooth, predictable administration after death. In this time of increased litigation and intra-family strife, it is sadly the case that family will often seek to litigate with each other. When an estate is left solely to feuding family members, extended legal battles can dramatically drain the legacy value. In these types of cases, there is rarely a calming and neutral party involved; everyone is seen to be on a “side.”
However, when a portion of the estate is left to a charitable institution, there is a neutral third party involved. An experienced and well-managed institution like the TCHF will serve as a stakeholder in the process of the dispute, with legal standing to participate in any action, and will always have a strong interest in resolving all matters in the most efficient and productive manner possible. Giving a testamentary gift to a charity you are passionate about can also be a gift to a passionate family, by giving them a partner who can help bring them back to guiding principles of your legacy.
