There are so many reasons why you might want to consider planned giving in your life. These can benefit you as well as the charities and people that you leave gifts behind to.
Whether you want to touch people lives, sustain charities that were important to you throughout your life, or leave a financial lineage, you can also pass on financial benefits to philanthropies and charities you care about, while also enjoying certain benefits inside your estate.
For example, if you have an estate large enough to trigger the federal estate tax, the use of philanthropic giving can help to decrease your tax burden during your lifetime. You can do this by establishing a life insurance policy with a charity as the beneficiary as just one method.
There are many different types of lineage or legacy gifts that you can pass on, including a contingent gift, a residuary gift, a specific gift, or a general gift. To learn more about which of these is most appropriate for you, schedule a consultation with a trusted estate planning lawyer today.
What’s your lineage?