Many Florida residents include language in their Florida estate planning documents which leave either a fixed sum or a percentage of their estate to one or more charities.
The most common gift is an outright bequest of property to a named charity from a Florida Will or Florida Revocable Trust. The gifts can be any type of property and often consultation with a tax adviser as to which property to leave can produce additional tax savings. Analysis of the size of the estate, and the cost basis of various assets can make significant differences.
In addition, careful attention needs to be made to the selection of the asset and how it is described in the documents. Contingencies can be made for a change in assets if the person wants to make a gift even if that asset does not exist.
One major area of concern is making a charitable gift from a Florida Living Trust if there are retirement assets included in the trust. As a charity is a non qualified beneficiary, it can a negative effect on the ability for other beneficiaries to take the proceeds over a prolonged period of time.