When creating your last will and testament, you have the opportunity to decide exactly how you want your hard-earned assets and property to be divided upon your death. Most people aren’t excited by the prospect of their government taking a big bite out of their accumulated wealth or their family members fighting for ownership of various assets, so they opt to make large charitable gifts part of their estate plan. Leaving charitable gifts behind can help you avoid significant taxes, make the grieving process simpler for your loved ones, and participate in causes that are important to you for years to come.
In the same way, you can transfer assets to your family members, you can leave your assets and property to charities, humanitarian organizations, etc. in your will. If you choose not to create a will, your assets are unlikely to end up where they may do the most good. With some forethought, however, and the help of an experienced probate and estate planning attorney, there are a variety of charitable giving options available to you, such as:
- Charitable gift annuity
- Charitable trust
- Private or family foundation
- Charitable donor-advised fund
Whether you wish to plan your charitable giving for years to come or make a large, one-time gift, options exist to suit the exact type, frequency, and amount of your giving. Beware of merely naming an organization as a beneficiary in your will, however, as this can result in confusion, taxation, and other undesirable difficulties.
Contact Thies & Lihn, PLLC for Knowledgeable Estate Planning Assistance
If you are interested in making charitable giving part of your estate plan, you will need the help of a probate and estate planning lawyer. Our team at Taylor & Lihn, PLLC is here to help you decide exactly how your money will be used after you are gone.
Call us at (602) 900-9860 or contact us to receive a free consultation.