By: Sarah Stewart Legal Group, PLLC
As you consider the legacy you want to leave behind through estate planning, charitable giving may blip on your radar. Many of us have causes and organizations we want to support and impact. If you are one of those people, the good news is incorporating charitable giving into your estate plan can be an easy process.
(1) Pick Your Charity
Think of the causes and organizations that are important to you. Where have you donated time, money, or materials? Are there causes that have impacted the people you love personally? What do you want your gift to contribute to the community?
Charitable giving is immensely personal. There are a myriad of questions to consider for yourself before making a decision. But, rest assured, you can plan for any and all organizations you want in your estate plan.
(2) Pick Your Gift
After you’ve decided where you want to donate and the goals you wish to accomplish, you can move on to deciding what you need to donate to meet those goals. If you wish to donate anything other than cash, be sure to reach out to the organization to be sure they accept that kind of donation.
Though many large charities have the means to accept property, stocks, bonds, and other personal assets for donations, many small or medium-sized charities may not have the ability to manage and/or sell those assets. A simple phone call can help you determine the best assets for you to donate that will best benefit the organization.
(3) Pick How to Give Your Gift
Now that we’ve decided who and what, we have to decide how. Most estate planning documents allow you to designate a charity as a recipient of any or all of your assets. But, your goals will help you determine the best vehicle to leave your assets to charity.
If you are looking for tax benefits, there are ways to accomplish that. If you want more say over how your donation is used, there are ways to structure your planning to ensure your goals are met. Professionals can help you meet your goals.
Do you have a charity you want to support after your death? Reach out to trusted estate and tax planning professionals to help you organize and achieve your goals for your cause.