The holiday season is a time of generosity, reflection, and giving back. It’s also a time when many contemplate the legacy they want to leave behind. While many respond with immediate donations during holiday time, incorporating charitable planned giving into your estate plan can help sustain the causes you value and embrace them for years to come.

Advantages of Charitable Giving.

Charitable giving provides sustained support for your favorite organizations; helps future generations understand and carry your values forward; and encourages discussion among family members about shared goals regarding philanthropy. Whether supporting a local, national, or international charity, planned giving enables you to make a lasting impact in areas that matter most to you.

Ways to Incorporate Charitable Giving.

Here are four ways to incorporate charitable giving in an estate plan that offer flexibility and the ability to tailor the plan to suit your needs and goals.

  • Charitable Bequests. You can include instructions in your will to direct a portion of your estate or specific assets to a charitable organization after your passing.
  • Charitable Trusts. These trusts allow you to set aside assets to provide income for a charitable organization over time, while ensuring that other aspects of your estate plan are fulfilled.
  • Donor-Advised Funds. These funds let you set aside contributions during your lifetime, offering the flexibility to decide which charities to support later.
  • Gifts of Appreciated Assets. Assets like stocks or real estate can be donated to a charitable organization, potentially maximizing the benefit to the charity and preserving other estate assets. You can include instructions in your will to direct a portion of your estate or specific assets to a charitable organization after your passing.

A Time for Reflection.

Family gatherings offer the opportunity for reflection and a time to ensure that your values, legacy, and intentions are made clear to your loved ones. When having these discussions, it is a good idea to share the personal reasons behind your charitable goals; consider ways to involve family members in the planning process; and work with your attorney to ensure that any charitable intentions are properly documented in your estate plan.

The Importance of Professional Guidance.

Incorporating charitable giving into an estate plan involves important legal and financial considerations. An attorney can assist in drafting provisions that align with your overall estate plan and comply with applicable laws.

It’s also advisable to consult with a financial advisor or tax professional for guidance on potential tax implications or benefits of charitable giving. Your legal and financial advisors can work together to help ensure that your intentions are carried out effectively.

A Meaningful Season and a Meaningful Future.

The holiday season is a time for giving back. By incorporating charitable giving into your estate plan, you can create a legacy that reflects your values and makes a lasting impact on the causes you care about.

If you have questions about how charitable giving can be included in your estate plan, consider reaching out to our office at 716-634-7400 or visit our website to learn more about our firm at www.LongPauloLee.com.