Over the years, you’ve raised a family and also carried out work in the charity sector. Both of these aspects are extremely important to you, and you’d like your estate plan to reflect this.
You know that you can leave assets to your loved ones through a will, trusts and other estate planning instruments. Can the same be said for charitable causes? Can you leave assets to a charity of your choice through your estate plan
In short, the answer is yes. Outlined below are two common methods of doing this.
Charitable remainder trusts
One popular method of giving to charity is through charitable remainder trusts. These can be established while you are still alive and well to start providing assets immediately. They allow you to make charitable donations tax-free. You can include cash, stocks, real estate and other assets that will facilitate the financial security of your chosen charity for years to come.
Charities may be included in your will
As well as allocating assets to your family in your will, you can include charities that are close to your heart. Naming a charity as a beneficiary will ensure that they receive the assets you wish to pass on, and your legacy with the organization can continue long after your death. Doing this will also lower the tax burden on your estate.
Estate planning is multifaceted. You can ensure that your loved ones have financial stability once you are gone, but you can also support causes that you hold dear. To help ensure that your contributions are handled as you designate, it’s wise to have experienced legal guidance.