This week is National Estate Planning Awareness Week. Estate Plans are great tools for individuals to provide for their family and friends after they die but, they can also be useful for supporting causes that are important to you.
Planned giving is something many people do not often consider when creating their estate plans. Planned giving can be accomplished through multiple methods such as:
· Making a specific bequest in your will
· Establishing a charitable reminder trust
· Designating a nonprofit as a beneficiary for your life insurance or retirement plan; or
· Creating a private foundation to continue supporting causes that are important to you.
Individuals that wish to make an impact with nonprofits may be able to contribute a more sizable gift through planned giving than they are able to contribute during their lifetime; this kind of planning paves a way to make a substantial difference with nonprofit organizations that were supported during their lifetime. In addition, it may also be a helpful estate planning tool since there are various tax benefits to planned giving that may reduce the taxes owed by the estate or individual beneficiaries.
For nonprofits, planned giving provides a way for these organizations to partner with individuals to design a gift that benefits the individual and the nonprofit. These kinds of planned contributions allow the nonprofit to assure the individual that their gift will establish a legacy that will be carried on by the nonprofit.
Whether you are an individual looking to make a planned gift or nonprofit looking to solicit a planned gift, our attorneys can assist with your estate planning and nonprofit counsel needs. Please contact us today to discuss your wishes and options.
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