Charitable giving is an important part of many people’s lives. There are a lot of individuals who devote much time to philanthropy and supporting causes that they feel passionate about. While most of this work is done throughout their lifetime, giving does not need to cease upon death.
Incorporating charitable donations in to an estate plan is a wonderful way to make sure that you continue the tradition of giving that you started. An estate planning attorney can help you navigate the regulations, and also determine the best way to donate.
Below are a few of the options available to you, to help give you some ideas of different ways you can include charitable giving into your estate plan:
- Giving in your will. By making a charitable contribution through your will, you can help reduce your estate tax liabilities. This will not only help support an organization that you care about, but it will maximize the final value of your estate for your heirs.
- Donate your retirement. Most charities are exempt from income and estate taxes. By naming a charity of your choice the beneficiary of your retirement account, you are guaranteeing they will receive 100% of the account’s value after liquidation.
- Family foundations. If you have a larger donation, or one that you wish to donate over time, then setting up a family foundation might be a good choice. You can have control over the framework of the foundation and its charitable efforts while you are alive. After death, your family can carry on the work of the foundation.
When it comes to charitable giving as part of your estate plan, explore all of your options in order to decide which one is the more beneficial to you, your heirs, and the organizations you wish to support.
Contact Deliberato Law Center
For more information about including charitable giving in your estate plan, please contact us using the brief form below, or join us at an upcoming workshop.