If you want all or part of your estate to help support causes you care about, then making charitable bequests is one great way to do so. There are many different ways that you can choose to gift things to charities, but in order to decide what works the best for your personal goals, it’s a good idea to work directly with a qualified lawyer.
Research shows that only 4% of those people who have a current will in their estate planning use a bequest to a charity. For charities, estate planning can be one of the best strategies for encouraging future philanthropy. Many people who have already made substantial commitments to charities have also chosen to support those same charities in their estate plan.
Strategic philanthropy often involves the intersection of conversations between lawyers, tax planners, financial advisors and family members. A philanthropic plan can also coincide with your retirement plan and your financial plan to support your estate and your legacy.
Working with a qualified estate planning attorney helps to clear out many of the most common questions around the process of estate planning, including when it makes sense to incorporate charitable giving and philanthropy into your strategy. If you’re not sure how to get started, or the most appropriate way to support your chosen charity with the with the right planning, it is time to consult with an experienced and knowledgeable estate planning lawyer to get started.
Our Virginia Beach estate planning office guides many people through the process of getting support for their estate plans. If you need further help, reach out to schedule your initial consultation.