If charitable giving is important to you, then include it in your estate planning. Money isn't the only asset you can use in charitable giving. You might want to donate expensive artwork, books, antique jewelry, interest in your business, or the proceeds from your life insurance policy. For example, you can donate both of your vans to a local foster care agency for the purpose of transporting foster children to different places. Or you might request that your clothing be used to help the homeless at local shelters who are transitioning to the workforce. Here are additional facts about charitable giving and estate planning.
Charitable Lead Trusts
A charitable lead trust is an irrevocable trust that is set up to give support to one or two charities for a period of time while giving the rest of your assets to surviving family members. Once you set up the trust, any funds you donate to it will be given to the charities you choose. There is also no required maximum or minimum amount you can give to the charities. This is an excellent choice if you have an abundance of assets.
Include Charitable Giving in Your Estate Planning
Another thing you can do is include charitable giving in your will by naming certain charities as beneficiaries. Choose charities that match the best with your values. If you have a passion for affordable housing, then consider an organization like Habitat for Humanity. Or if you're into helping schools in economically disadvantaged areas, you can donate to organizations that specialize in this.
Benefits of Charitable Giving
Charitable giving allows you to improve the world around you long after you leave this earth. Whether you leave an inheritance to your grandchildren or to your favorite charities, the fruit of your labor becomes a gift that never stops giving.
In conclusion, charitable giving is a great way to use your estate to show generosity to others.
If you need assistance with estate planning, contact us. We offer comprehensive services that let you plan your estate effectively.