Should You Use Charitable Bequests in Estate Planning?

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.



Should I Leave Money to a Charity in My Will?

Estate planning and philanthropy are interconnected as many people use this opportunity to leave leftover funds behind to support a charity of their choosing. This is a very personal decision and one that is based on your own assets and your personal goals. Having an estate planning attorney to help you with this process can clarify answers to many of your most common questions. Your will specifies what you want to be done with your assets after you pass away.

You can also use your will to determine the making of a charitable bequest, or you can also work with your estate planning attorney to set up a trust fund for a very specific charity.

Naming a charity as a beneficiary in either your will or your living trust is one of the easiest ways to accomplish your philanthropic goals and, when done properly, it can also reduce the amount of your taxable estate and any relevant estate taxes. Make sure that you understand your intentions in creating estate planning goals with leaving behind assets in your will.

Knowing that you have an attorney who is highly knowledgeable about these issues can give you a lot of peace of mind about the next steps you need to take to pass on your legacy and support charities. Do not hesitate to contact an attorney today to learn more.

A Virginia Beach estate planning lawyer can guide you through the entire process of creating your plan and supporting charities or other important causes through your strategy.