Consider Charitable Donations in Your Estate Plan

charitable giving, estate planning, Naperville estate planning attorneyEarlier this month, the founder and CEO of Facebook, Mark Zuckerberg, announced his intention to donate a large portion of his Facebook stock holdings to charity. His shares, currently valued at around $45 billion, will be transferred into a limited liability company, or LLC, called the Chan Zuckerberg Initiative, to begin the process, a move which has led critics to question his actual motives. Skeptics suggest by transferring assets to an LLC rather than to a non-profit, he is not really serious about charity, as the LLC will remain under his control with less oversight and regulation than a non-profit organization. Whatever the controversy may be, if any of the assets are used for charitable purposes, then something good will have been accomplished.

As an estate planning attorney, I take immense pride in helping my clients make decisions about supporting charitable organizations in their wills, trust, and other planning instruments. When you are ready to think about your legacy and how you can help others, we will be there to assist.

Balance Charitable Gifts With Other Beneficiaries

As with most aspects of estate planning, deciding to leave a portion of your assets to a charitable organization must be done with careful consideration of your entire situation. You will need to take into account the responsibility your feel for providing for your family and loved ones, and how that will measure up against benefits of your donation. The circumstances of every family are completely unique, and you have the right to organize your estate as you see fit. You could choose to donate every penny to a charity, or you could make provisions for your family first and then carve out a portion for charitable giving.

Choosing a Charity

If you have been an active supporter of a particular group or organization for some time, it may be an easy decision to consider them in your estate planning. Or perhaps, you have been aware of a particular charity’s work and never had the opportunity to contribute before. By selecting a charity or charities that are close to your heart, you can help them fulfill their mission of helping others. If you would prefer to keep your donation private, there are methods available to make anonymous contributions, and we can help you utilize them.

Call to Discuss Your Options Today

At the Gierach Law Firm, we have the knowledge and experience to help assist you in developing a comprehensive estate plan that meets your needs and those of your family. Contact a skilled estate planning attorney in Naperville today, and we will explain your various options for charitable giving in your will or trust. Whether you want to make a one-time gift, lump payment, or a series of ongoing disbursements from a trust or other holding, we will walk you through the possible advantages and disadvantages of each. Call 630-756-1160 to schedule a consultation.

 

Sources:

CBS News

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