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.