Charitable Giving in Your Estate Plan Can Add to Your Legacy
When you think about the idea of estate planning, it is reasonable to primarily consider the variety of documents and tools that you will need to pass your assets and property on to your children—and possibly your grandchildren. The transfer of assets to future generations is, of course, an important goal of the estate planning process, but there other things to consider as well. For example, you might also wish to think about the legacy that you will leave behind.
One of the most common ways for you to cement your long-term legacy is through charitable giving. Across the country and throughout the world, there are thousands of non-profit organizations and charities that rely on the generosity of donors to fund their mission of helping people in various ways. By including charitable donations in your estate plan, you can have an ongoing impact on such efforts for many generations to come.
Balancing Your Decisions
As you decide how much to give to charity in your estate plan, you will consider your overall financial situation and that of your family. How much responsibility do you feel you have to provide financial security to your descendants? On the other hand, how much responsibility do you feel have to offer help to those who are less fortunate than you or your family are? The answers to these two questions should guide your decisions about the size of your charitable donation. You might give your entire estate to a worthy charitable organization, or you could focus on your family while carving out a portion of your estate for charity.
Choosing Your Causes
The donations you choose to make will contribute to the legacy you leave behind. This means you might wish to give to charities that support ideals and values that match your own. If you have been involved with a specific organization or group for many years, it might be easy for you to include that group in your estate plan. Or maybe, you have known about a particular charity for a while but never had the chance to help them before. Keep in mind that your giving does not necessarily need to be done publicly. There are ways in which you can donate anonymously if you wish to do so, and we can help you utilize them properly.
Speak With a Member of Our Team Today
If you are considering adding charitable donations as part of your legacy planning, our experienced Naperville estate planning lawyers can help. Call 630-756-1160 to schedule a confidential consultation at the Gierach Law Firm today. We will work with you in making the best possible decisions, both for your family and your chosen charities.
Please note: These blogs have been created over a period of time and laws and information can change. For the most current information on a topic you are interested in please seek proper legal counsel.