Estate planning involves connecting your individual goals and intentions for your assets with clear plans. But one aspect that can easily be overlooked is what happens to your assets if you decide to include gifting them to charity. Depending on how you structure these gifts, this could be a tax savvy plan that adds additional meaning to your estate gifts as well.
If you enjoy supporting charities and want to go beyond passing on gifts to family, a philanthropic approach to estate planning can add great dimension to your intentions. If you choose to do this, you’ll want to think through the causes you intend to support as well as what is best for choosing assets to give to those charities.
There are many different ways to make an impact through an estate planning gift, but a conversation with an estate planning lawyer about your individual legacy is key. You may want to discuss possible ways to split up your assets among your chosen heirs and a charity. Consider the following questions as you first approach the concept of charitable planning:
- How would you like to be remembered?
- Which organizations have you been personally involved with and care the most about their missions?
- What experiences have shaped your charitable giving activities over the course of your lifetime?
You may also want to have a conversation with your loved ones about these intentions so that there’s clarity over your estate planning goals well in advance of you passing away.
At our Virginia Beach estate planning office, you can get your questions answered about the estate planning process so you feel peace of mind about your future goals. We’ll help you decide what makes sense in terms of creating a comprehensive estate plan for your needs.