Like many people, you’re likely to find a great deal of pleasure in supporting non-profit organizations and particular individuals who share your values, views, and tenets. Supporting charities is good for you, good for the community, and good for your chosen recipients. That’s why it’s important to include charitable giving in your estate planning process. It ensures your ongoing generosity for the people and causes you believe in even after you pass away.
Charitable contributions bring personal rewards for you and allow the charities you support to function and to provide greater support for the people and communities they serve. Aside from organizations, such contributions can provide someone you designate with an income for life. These types of monetary gifts also provide an estate tax deduction – a huge consideration when you’re planning your estate.
Some methods of charitable giving you might consider:
- Cash – a straightforward monetary donation which provides you with a tax deduction.
- Donor Advised Funds – donation of a nonrefundable amount of cash or securities to a non-profit organization.
- Real Estate – donation of real property. After your demise, the value of the property is taken out of your estate which lowers your estate taxes.
These are just three of the ways you can fit charitable giving into your financial life and estate plan. At Grissom Law, LLC, we know the importance of charitable giving. Many of our clients take great pleasure in supporting their favorite charities and wish to continue to do so after their death. If you need help setting up charitable giving and philanthropic endeavors, call us today. We have the tools, skills, knowledge, and experience to help you establish a legacy your chosen organizations will appreciate, and you can be proud of. We’ll help you outline strategies to support the causes or organizations you choose while maximizing available tax-savings.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.