Barrett Legacy Estate Solutions

Charitable Planning


In 2022, Americans Gave $499.33 Billion to Charity

What is Charitable Planning?

Many people wish to continue this giving after death but do not know the options available to them. Enter charitable planning.

Charitable planning involves strategically organizing your giving to support causes or organizations you care about while also maximizing the benefits for both you and the charity.

At Barrett Legacy Estate Solutions, we are committed to helping you write your moral biography—that is—your moral vision grounded in self-understanding. Only then can charitable estate planning be at its most effective. We do this through discernment, innovative legal strategies, and educating the next generation.

Charitable Planning in Oklahoma

What is Discernment?

Discernment is the process of client self-discovery. It is your “aha moment”.

Lawyers are infamous for talking. We listen. We want to know your story and what is essential to you. What are the values that have shaped your life? How did you acquire your wealth, and what traits enabled you to do so? Who do you want to become? What impact do you want to have on your family, community, and the world? These are not things that can be gleaned from a PowerPoint or tax calculator. Rather, it is only through discernment with the help of a trust advisor.

Implement Cutting-Edge Legal Strategies

Once you have completed the process of discernment, we can recommend cutting-edge legal strategies to carry out your goals. Tools commonly used in charitable planning include:

  • Donor-Advised Funds (DAFs):

    DAFs allow donors to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time. This can be beneficial for those who want to maximize their tax deductions in a particular year but spread out their philanthropic giving over time.

  • Charitable Remainder Trusts (CRTs):

    CRTs allow donors to make a significant gift to a charity while retaining an income stream for themselves or other beneficiaries for a certain period of time. After the trust terminates, the remaining assets go to the designated charity.

  • Charitable Lead Trusts (CLTs):

    CLTs work in the opposite way of CRTs. They provide income to a charity for a specified period, after which the remaining assets are transferred to beneficiaries named by the donor.

  • Bequests:

    Including charitable bequests in your will or trust allows you to leave a portion of your assets to a charity upon your death. This can provide a lasting legacy and estate tax savings.

  • Gifts of Appreciated Assets:

    Donating appreciated assets such as stocks, mutual funds, or real estate directly to a charity can avoid capital gains taxes.

Charitable Planning in Oklahoma City

Educating the Next Generation

Studies show that the primary reason most charitable estate plans fail is lack of educating the heirs. Our solution is what we call Family Care Meetings. This is an opportunity to tell and re-tell family stories and coalesce around a shared family dream.

It is also a good time to dispel misconceptions children may have like “you created a trust because you don’t trust me.”

Another aspect of educating the next generation is assisting heirs in coming to understand their roles and then providing them with the necessary training. This may include things like specific reading materials and attending workshops put on by our firm.

Lastly, we can help create family governance structures for the next generation that align with your tax, legal, and financial plans.

Oklahoma Prairie

Leave a Lasting Legacy

While your time here on Earth may be limited, your legacy can endure forever. There is no one-size-fits-all charitable estate plan.

The best approach depends on your financial situation, philanthropic goals, and personal values.

Attorney Barrett is currently pursuing the Chartered Advisor in Philanthropy (CAP) designation from the American College of Financial Services. This equips him to help clients leave an impact they did not even realize was possible.

Frequently Asked Questions About Charitable Planning in Oklahoma

Charitable planning is the process of building your giving into your estate plan, so the causes you care about are supported in the way you intend. A good charitable plan supports the organizations that matter to you, provides for your family, and makes thoughtful use of the tax benefits available for giving. It can involve gifts during your lifetime, gifts at death, or both.
No. Many families include a simple gift in their will or trust, such as a set dollar amount or a percentage of their estate, to a church, school, or nonprofit. Naming a charity as a beneficiary of a retirement account or life insurance policy is another simple option. More advanced strategies, like charitable trusts, are most useful for families with larger estates or highly appreciated assets.
Yes. Most charitable plans are designed to do both. Some strategies, like a charitable remainder trust, can provide income to you or your family for years before the remaining assets go to charity. Others, like a charitable lead trust, support a charity first and then pass the remaining assets to your heirs. We help you find the balance that reflects your values.

They work in opposite directions. A charitable remainder trust pays income to you or other beneficiaries for a period of years or for life, and then the remaining assets go to the charities you choose. A charitable lead trust makes payments to charity first, and then the remaining assets pass to your family or other beneficiaries. Each offers different tax benefits depending on your situation.

A donor-advised fund is a giving account held by a sponsoring charity. You contribute cash, stock, or other assets, may receive a tax deduction in the year you contribute, and then recommend grants to the charities you choose over time. Donor-advised funds are simpler and less expensive to set up than a private foundation, which makes them a popular choice for families who want flexibility in their giving.
Depending on how you give, charitable planning can provide an income tax deduction, help you avoid capital gains tax on appreciated assets, and reduce the size of a taxable estate. The right strategy depends on your income, your assets, and the size of your estate. Because tax rules change, we coordinate with your CPA and financial advisor to make sure your plan works the way it should.
Yes, and it is often more tax efficient than giving cash. Donating assets that have grown in value, such as stock, real estate, farmland, or oil, gas, and mineral interests, can let you avoid paying capital gains tax on that growth while still supporting the charity. These gifts take careful planning, especially for land and mineral interests, so the transfer is handled correctly.
Yes. If you are 70½ or older, you may be able to make a qualified charitable distribution directly from your IRA to a charity, which is not counted as taxable income. You can also name a charity as the beneficiary of a retirement account. Because your family would owe income tax on inherited retirement accounts but a charity does not, this can be one of the most tax-efficient ways to give.
Discernment is the first step in our charitable planning process. Before discussing legal strategies, we take time to understand your values, your family’s history with wealth, and the impact you want your giving to have. Starting with what matters most to you, rather than a tax calculator, helps us design a plan that truly reflects your legacy.
A charitable plan works best when your heirs understand it. When family members know why you chose to give and how the plan works, they are better prepared to carry out your wishes and less likely to be surprised or disagree later. We help through Family Care Meetings and other resources that prepare the next generation to continue your legacy

Start Your Journey

To begin your charitable planning journey, contact Barrett Legacy Solutions today at 405-928-4075, or use the form below.

“Happiness doesn’t result from what we get,
but from what we give."

— Ben Carson