An often overlooked idea for your assets after your death, is to give to the church or charities you supported during your lifetime. Charitable giving can be an important part of your estate plan and is definitely important to the charities you may support. I’ve been surprised at the number of people who don’t think about giving to charity, even when they have no family with whom to leave their assets.
Legacy Giving / Planned Giving
As you are doing your State plan, as you’re thinking about what you want to have happen to your assets at the time of your death and who you want to give your things to, keep in mind the charities that you have given to, and support it in your lifetime. You can continue your generosity and support after your death and continue your legacy of giving. Maybe you gave faithfully to your church, or you gave to nonprofits to help abused children, trafficked children, abused animals, or animal rescues, or maybe some charities for hospitals or teachers, or any number of things. There are so many non profits who need support, why not give to them through your will, trust, or other beneficiary designation.
Feeling good about continuing to support your charity in your estate plan is only one benefit. Giving to charity can also benefit your family and estate through some tax benefits. You will need to discuss this with your accountant, however. I am not a tax professional and will not render tax advice.
When you have no one to leave your assets to
There are a number of people who have no spouse, children, siblings, nieces, nephews, or others to whom they can leave their assets at death. I have also had several clients who didn’t want to leave anything to their children, for any number of reasons. This presents the perfect opportunity to leave to charity. It’s not the only reason or time to give to charity, though. Charitable giving can be part of any estate plan.
Schedule Legal Strategy Call
Schedule a legal strategy call with Tanya from Huntsville Estate Planning Lawyer, LLC about your estate plan to determine if giving to charity is an option for you.