Can I name a charity as a beneficiary?

This transcription was AI generated

Transcription:

00:00:00 – 00:00:56

The question arises occasionally people want to name a charity. It’s typically something like I want to give $10,000 to this particular fund. That’s not a problem. You can put that in the will and no one can challenge it. The real problem arises if you say I want to give everything to charity and I’ve had that situation arise. And the problem is if there’s a spouse, the spouse has what’s called a spousal election and can override that wish. Now the extent to which they can override is a matter of

00:00:28 – 00:01:29

law. That’s too complicated for this video. But if you’re thinking about really a charity is well, it’s really only if everybody else is gone. So my wife has passed, I don’t have any descendants, then I want to give it to some charity. That’s just a default mechanism in your will. If you’re really thinking about charity and you want to do something now though, we should talk about it because there are income tax deductions and benefits available to you if you set something up

00:00:58 – 00:01:15

now. Not estate tax benefits, but income tax benefits. Give me a call. We’ll walk through it and talk about that or any other matter.