Making Charitable Gifts as Part of Your Estate Planning
Are You Considering Estate Planning
When someone considers estate planning, their thoughts are of providing for the future financial security of their loved ones. Many people also think about making charitable gifts as part of their estate plan.A charitable gift is a way for you to give back to an organization, such as The Smithsonian or The Audubon Society, in a way that could help in the sustainment of that organization and its outreach to the public.
Gifts
A gift made through a will or a trust can be convenient to arrange. A simple paragraph or an amendment to your will or trust designating what you want to give to the organization is all it takes. Such a gift is easy to arrange and can always be changed or modified depending on your situation.
The different ways to give through a will or trust include:
Making a gift of a specific amount to the charity/organization.
Designating a percentage of your estate to go to the charity/organization of your choice.
To give the remainder of your estate to the charity/organization, after all of the other gifts and bequests have been satisfied.
In the event a beneficiary predeceases you, name the charity/ organization to receive the gift instead.
Give a gift of a particular property, such as real estate, stocks, or other items of value. In such cases many charities/organizations are hesitant to accept real property and usually prefer the proceeds from such a sale to be donated. This is not always the case, so it would be wise to discuss such a gift with the charity/organization prior to putting it in writing.
Call Our Tampa Estate Planning Attorney
For Help With Wills & Estates
Here in Florida, there is no limit on amounts that are deductible from federal gift and estate taxes for charitable gifts made by you through your will or trust, so no tax will be due on the amount given in this way.To plan a charitable gift talk to Lizbeth Potts, Attorney at Law, about what you want to provide to the charity/organization in your estate planning. Lizbeth can discuss with you the best form for your gift. Call Lizbeth Potts to talk about your estate planning needs- 813.988.9190.
