Something near and dear to Diane’s heart is assisting clients in leaving a legacy to make the world a better place. Do you want to leave a gift to an organization where your spirit will continue through helping others? Diane has helped people who are charitably inclined to craft their trusts to leave money over time to charities, earmark the gifts within the charity to their specific passion, such as for homeless animals, music programs for students, or retraining for vets, among others. One of the keys to successfully managing funds for distribution to nonprofit organizations is to include accountability in the bequests. To do that, the bequests can be given over time. For example, a lovely lady just passed and left a sizable estate to be paid out over 10 years to 15 charities for, among other things, homeless animals and college scholarships for biology majors. Diane has just made the first distribution. She first asked for a detailed budget of how the funds would be spent for homeless animals. In the distribution she emphasized that before the next distribution she would require an accounting of how the first distribution was spent. And the trust document specifically precludes payment of the charity’s administration salaries and costs so Diane will monitor how the first distribution is spent directly for the care of the animals in one case and for the names of the scholarship recipients in the other case.
Diane says, “I actually created the trust documents for these clients and I am the trustee for these trusts. There is my personal hands-on administration for each trust based on my conversations with the Trustors. My fees are based only on the time I spend on the trust administration. I do not charge an annual fee nor a percentage of the assets.”