Barrett Legacy Estate Solutions

In 2022, Americans Gave $499.33 Billon 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.

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