You’ve taken the important step of addressing your estate plan. First of all, you want to make sure that all of your loved ones are cared for should you become incapacitated. However, there are other things that you also want to include.
You’ve always been a passionate advocate for certain charitable organizations, and you want these to be a part of your legacy. What options do you have for incorporating charity into your estate plan?
Leave money
One relatively straightforward step that you can take is to leave money to the charity in your will. This way, you can allocate a specific amount that usually lowers your estate tax obligations.
Leave property
Not all charitable gifts have to come in the form of money. You may wish to leave property to the charity once you become incapacitated. With the appropriate estate planning instruments, you can even make provisions so that you can use the property until you become incapacitated.
Give while you’re living
Estate planning is often associated with death, but the truth is that you can start giving to charity before you become incapacitated. A charitable remainder trust allows you to make tax-free donations while you are alive.
Charitable giving is just one of many aspects you can introduce to your estate plan. As you plan for the future, you may find it beneficial to seek some legal guidance. This way, you can avoid making errors and ensure that your final wishes are implemented as planned.