If you’ve begun the estate planning process, you might have thought about what you want your legacy to be once you’ve passed away. For many of us, this means setting and achieving philanthropic goals during our lifetime and for the many years to come.
Giving to charities benefits many individuals and families from personal fulfillment, or a legacy and is frequently discussed during the estate planning process. You can incorporate your philanthropic goals into your estate plan with the help of your estate planning attorney.
First, you’ll want to decide which cause is meaningful to you and your family along with which causes you may want to continue to support year after year. If you have a history of giving, reviewing your past donations can help you discover your passions.
Once you’ve identified your charitable giving goals, you can begin the more technical discussion of which assets you’ll donate now or in the future. Cash donations are typically always accepted, and some charities can accept other financial and physical assets, such as real estate, securities, and even artwork.
The final step is determining how to gift your assets, and while you can make charitable gifts in your will, make sure you understand all of the tax benefits that other methods possibly provide. As previously mentioned, it’s essential to discuss which giving method is most appropriate for your financial circumstances with an estate planning attorney as specific solutions can be far more advantageous than others.
If you have charity gift-giving goals and wish to incorporate them into your estate plan, reach out to Hudack Law, and we can help you with practical guidance. Also, if you plan to make philanthropy a multi-generational effort, you may want to include your family in your discussions. No matter your motivation for giving, philanthropy can be both financially beneficial and personally fulfilling, all while allowing you and your family the opportunity to leave a legacy that reflects your values, passions, and priorities.