When planning your estate, consider making a charitable donation in your will to support a non-profit organization that provides services to your community. These gifts can offer a legacy to your community, help charities with which you have a personal connection, and afford you tax advantages.
The first step is deciding on the cause you want to support. What are you passionate about? Charitable organizations deal with everything from the arts, education, health, poverty, animals and more. Once you have decided the cause you will support, think about your goals.
Your gift should be structured according to your intentions and goals. Charitable gifts can be made in various ways. A lawyer can advise you on the implications of how a gift is structured. Many larger charities operate several programs, so you may want to specify which programs your gift will support.
Gifts can take on a variety of forms, whether in your lifetime or in your will. Commonly, people make a gift of a specific dollar amount, but the charity may also accept non-cash gifts, like real estate, art or possessions. The type of gift you select has different tax, legal and practical consequences, so it is important to discuss this with a professional.
A charitable gift can also be applied to minimize income taxes against your estate, ensuring you are able to provide for the people and causes you care about.
Planned gift giving may make sense as part of your estate plan. Consult with legal and accounting professionals about your options, and how to optimize the benefits for both you and the charity.
This information is not to be used as legal advice and does not create a lawyer-client relationship. We do not accept any liability for your use of the information in this publication. If you need legal help, contact a lawyer.
This article has been viewed 1684 times.