Your estate plan is far more than just a set of documents. It’s a declaration of what you find most important and a roadmap of the legacy you’d like to leave. Not only does a proper estate plan ensure that your loved ones will be taken care of when you’re gone, but it also allows you to make an impact on the wider world through charitable giving. Many avenues exist for making planned gifts to nonprofits, but here are some of the basics on how to make giving a part of your plan. NAME A CHARITY IN YOUR WILL The most basic way to give to a charity is by naming it in your will. Simply name the charitable organization you wish to support among your beneficiaries, and specify the assets you wish to give. If estate or income taxes are a concern, ensure your chosen organization is a 501(c)(3) nonprofit. These are the charities the IRS deems tax-exempt. always a good idea to notify an organization about what you are planning to give. Smaller philanthropies may not accept complex assets, such as stocks or real estate. On the other hand, some charities may specialize in specific assets. For example, if your home is considered a historic site within your town, you may want to gift it to a preservation society so that it stays properly maintained. MATCH THE ASSETS TO THE CHARITY Almost all charities will accept cash bequests, though it is MAKING CHARITY A PART OF YOUR ESTATE PLAN LEAVING A LEGACY OF GIVING
DECIDE HOW TO GIVE There are different ways to structure a charitable bequest, giving you the flexibility to make sure your estate planning goals are met. If you have a set sum of money or a particular asset you wish to leave to a charity, you can make a specific bequest in your will. However, if you want to ensure your loved one’s needs are met before giving a portion of your estate to charity, you can make what’s known as a residuary gift. With a residuary gift, once debts have been paid off and your other beneficiaries have received their bequests, a specified percentage of your remaining estate will go to a charity of your choice. OTHER AVENUES Depending on your income level and the kinds of assets in your estate, more complex means of making a planned gift may be available to you. Give our office a call at 740-314-4829 to see if creating a charitable trust or establishing a foundation is the right move for you.
LOCAL BUSINESS SPOTLIGHT
LEGAL HAIR AND DAY SPA
Legal Hair and Day Spa was founded in 1981 by Chip and Leslie Icuss. Their goal was to provide the finest hair and beauty services available. They’ve dedicated over 30 years to enhancing the quality of the lives around them and have provided their team with superior benefits and a positive work environment. They are committed to quality work, excellent customer experience, and exceeding expectations. Give them a call at 740-264-4647.
This newsletter is for informational purposes only and no legal advice is intended. Be sure to consult with this law firm if you have a specific question about your situation. And remember Edward and Jeff don’t take any unplanned inbound telephone or in-person meetings; we believe that each case deserves our undivided attention.
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