For many people, charitable giving is an important part of their life. Some individuals may be passionate enough about specific organizations or causes that they opt to leave assets or wealth to charity in their will. To plan the best method for charitable giving, work with your estate planning attorney at The Millman Law Group to make sure your donation has a significant impact. It isn’t always necessary to gift large sums of money. Sometimes, even relatively small donations can make a difference. If you are interested in charitable giving, consider a few primary ways to include a charity in your estate plan.
Gifts to charity can always be made by using your will. However, this method can have a few drawbacks. First, gifts made using a will do not allow you to retain control over how your beneficiary uses the gift. Additionally, if you want to make any changes to the gifts you make in your will, it is often necessary to revoke your will and execute a new one.
Establishing a charitable trust is a popular way to include charity in your estate plan. Charitable lead and charitable remainder trusts can allow you to give gifts to charitable and non-charitable beneficiaries. Gifts are made to the charitable beneficiary for a predetermined time, with the remainder being paid out to the non-charitable beneficiary or vice versa.
Donor-Advised Fund or Annuity
A donor-advised fund or annuity might also work for your gifting needs. It works by transferring gifted funds into this fund. Although you will no longer own the assets, you can now direct how the funds are used. If you give an annuity, you can also choose the beneficiary who will receive the benefits from the annuity.
Create a Foundation
Creating a foundation is another effective way to include charity in your estate plan. This option is best, though, if you have considerable assets to gift and the time to run your foundation once it is established. The benefits of creating a foundation are numerous, starting with the amount of control you have over how your gifts are used. Creating a foundation also makes it easier to involve your children or grandchildren in your philanthropic mission.
If charity is your lifelong passion and you have a lot to give, creating a foundation is a successful way to plan for what happens to your wealth when you die and who will continue to control your foundation and its future impact.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.