Many people, for various reasons, elect to leave gifts to charity in their estate plan. In most cases, depending on the purpose, a gift to charity can be made in a Last Will and Testament or in a Living Trust.
A Last Will and Testament can be an effective way to devise an estate for charity for a couple with no children, no family, and a simple estate.
However, if a couple has children or multiple assets and wishes to leave part of their estate to charity, a living or charitable trust may be of particular interest to them. Using a trust allows the donor tax benefits and more control over how their assets are distributed.
Gifting to charity is a beautiful way of supporting organizations near and dear to your heart. Charitable gifting can also be a way of reducing taxes and can be part of a strategic estate plan.
In either case, consulting with an estate planning attorney in your area is the best way to get clarity on your options based on your specific goals.
We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.
0 comments