Estate planning helps you make sure that your estate and your loved ones are cared for when you pass. It can be a great way to take inventory of your life and protect your family. Estate planning can also be a way for you to reinforce the legacy that you are leaving.
Adding charitable giving to your estate plan is a great way to highlight your values and passions after you are gone and to do good with the things you have.
Choosing where to donate
Do you want to contribute to creatinga greener earth for your children? Or maybe you are passionate about the arts and plan to donate your personal collection. Whatever the cause you would like to give to, it can likely happen through your estate plan.
Assets v. finances
Once you have decided on the charity or organization that you would like to give to, consider what you will contribute. Depending on the organization, you may be able to donate certain assets, like art or property for them to use or sell. This can be a good way to save on taxes. You can give financially through cash or stocks. You may also be able to use life insurance policies or retirement accounts to give.
Ways of giving
Once you know what and to were you will donate, you need to decide how you will give in your estate plan. Your estate planning attorney can help you determine which will be most beneficial to you and the organization you are giving to. Here are a few options:
- Charitable trusts
- Charitable gift annuity
- Donor-advised funds
- Community foundations
- Charitable bequest
- Retained life estate
- Private foundations
There are many options when it comes to incorporating philanthropy into your estate plan. No matter which route you choose, it is a great way to give back, support important causes and leave a legacy that you are proud of.