What to Know About Charitable Giving and Estate Plans

 Posted on December 31,2022 in Estate Planning and Probate

When creating their estate plan, many people ponder how best their assets can be allocated and to whom the assets should be allocated. In many cases, people may only be interested in including their family and close friends as beneficiaries in their estate plan. However, some people decide that they would like to donate a portion of their estate to charity. This can be an excellent way to leave a lasting legacy that is felt long after you are gone. However, if you are interested in this, you should be aware that donating money or property posthumously to charity has numerous other benefits. 

When it comes to donating a portion of your estate to charity, there are many different things to consider. If you are interested in donating some of your estate to charity, consult with an experienced estate planning attorney who will protect your rights and guide you through the process as seamlessly as possible. 

Considerations for Charitable Giving and Estate Plans

There is a common misconception that someone needs to be exceedingly wealthy to leave behind money or property for a charity. This is not the case. Furthermore, ensuring your estate plan allocates assets or properties toward a good cause does not need to be overly challenging. However, having an attorney assist you through the process is still wise. There are many things to be aware of during the process, including the following:

• Tax breaks – Contributing to a qualified non-profit organization can assist in lessening tax burdens against your estate.

• Types of contributions – Your contribution to charity does not need to be solely monetary. You may donate property, too, such as clothes, furniture, or even a car. 

• Options for contributing – There are many different ways you can choose to incorporate charitable giving into your estate plan. You may choose a one-time contribution in your will, make a charitable trust, or assign a percentage of an existing trust to dispense money to a charity over a period of time. 

• Write it down – Putting your wishes down in a legal document is essential to making them legally enforceable. Even if you believe you will be survived by trusted family members who know and will respect your wishes, putting your wishes in writing can help ensure your wishes are legally enforceable. 

Contact a Texas Estate Planning Attorney

If you are interested in giving to charity via your estate plan, please contact the skilled Comal County estate planning lawyers with Geoff Mayfield, Attorney at Law. Call 210-535-0870 today for a free and confidential consultation.

Source: https://statutes.capitol.texas.gov/Docs/PR/htm/PR.123.htm