Your family is likely the most important thing in your life, and you want your estate plan to reflect this. However, charitable giving may be something you are interested in as well. The truth is your estate plan can continue your legacy of giving something to charity. Outlined below are a few things to consider.
A donation through your will
One of the simple ways to leave something to a charity upon your death is to make that organization a beneficiary of your will or revocable trust. This provides a meaningful legacy to your favorite charity or charities, and if you are subject to any form of transfer (death) taxes, it will reduce the tax burden on the estate.
Charitable remainder trusts
A charitable remainder trust allows you to make an immediate donation without completely losing the income you receive from the property. You (or your loved ones) will receive an annuity or unitrust payment during lifetime and upon your passing, the charity will gain the full benefit of any assets that remain. With good guidance, you will receive an income tax deduction when the trust is formed. It may also have transfer (death) tax benefits. There are many other types of charitable trusts to consider, and other ways to donate to your favorite charities.
Estate planning is complex. Seeking some legal guidance will give you a better idea of the course of action that best suits your needs.