Estate planning is all about preserving your legacy. You want your finances and belongings to be handled in a way that reflects your priorities and who you are. For many people, that means incorporating philanthropy.
While charitable giving does allow for tax benefits, it is also a personal priority for a lot of people. No matter the reason you decide to incorporate charity into your finances, it can easily be added to your estate plan.
Choose your charity
Perhaps you already have a cause close to your heart that you want to contribute to. If you want to continue, that’s wonderful. If you’re still looking for an organization you feel strongly about, start considering your personal values. What’s most important to you? What organizations have affected you personally? This can give you a great starting place to begin finding the charity you want to give to.
You may also be able to create a plan that gets your loved ones involved with giving, like creating instructions that let them choose where the money will go.
Pick your donation
Consider what assets will be most valuable to the organization you want to give to. Maybe a simple financial donation will most help them, or maybe you want to give funds to a specific project of theirs. If your charity accepts physical assets, you may be able to donate things like artwork, real estate or other large goods.
Add the gift to your plan
Working with your estate planning attorney, you should determine exactly where to put the orders. Depending on your current plan, you can add the giving to your trust or will, to be carried out by your executor or family members.
Charitable giving can be a wonderful way to carry on your legacy and continue to impact people even after you have passed. When you add philanthropy to your estate plan, you can remind your loved ones of your values and passions.