It is said that giving is its own reward, and this is certainly true. When you are planning your estate you may find that you are in a position to provide monetary resources to causes that you find to be worthwhile. Making charitable giving a part of your legacy can be a profound undertaking, and for some people it can have spiritual significance.
However, in addition to the intangible rewards you can also gain some tax savings when you give to charity.
One way of doing so is to create a private family foundation. Many people are unaware of the fact that most private foundations are funded with less than $1 million, and the majority of them have no permanent full-time staffs so the overhead need not be overwhelming.
Beyond private foundations there are other options to create a legacy of giving, such as contributing assets to a donor advised fund. These funds allow for streamlined accounting and efficient administration because many different donors utilize and support the infrastructure.
If you are interested in learning more about legacy planning, schedule an appointment with an experienced estate planning attorney.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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