Wills go hand-in-hand with planned giving

On Behalf of | Mar 23, 2017 | Wills

For some, being charitable is an important part of giving back to the community while they are alive. However, it is also possible to give back following one’s death. For this reason, estate planning — which involves the creation of documents such as wills — and planned giving go hand-in-hand in Bronx, New York.

When estate planning and planned giving are combined, this can yield a relatively stable method of giving back. This may be particularly important for those who wish to leave part of their estates to causes about which they are passionate. Making arrangements posthumously for a gift to be given to charity down the road essentially involves the creation of a unique philanthropic legacy that will endure.

When selecting an organization to give to, it may be helpful to look at the organization’s values. Ideally, these values should align with those of the party wanting to make the donation. Planned giving can be accomplished through either a revocable trust or a last will and testament.

Planned giving offers tax planning benefits along with financial and estate planning benefits. However, one of the main reasons that planned giving is receiving more attention today is that such gifts express solid dedication to future generations. The process of creating an estate plan can be complicated, particularly for those with a large number of assets or even those with many charities to which they wish to donate. However, an attorney in Bronx, New York, can provide guidance during the process of creating wills and other estate planning documents that reflect their wishes when it comes to charitable giving.

Source: clevelandjewishnews.com, “Planned giving, estate planning go hand-in-hand“, Becky Raspe, March 15, 2017