An estate plan can put you on the path of being remembered for charitable giving.
If you want to be remembered for being a charitable benefactor, you need to get started and an estate plan is a good beginning, according to the Port Huron Times Herald explains in “Plan today to make a difference tomorrow.”
Having a true charitable legacy requires a lot of work and forethought.
With an estate plan, you can set up your charitable giving to be ongoing after you pass away. If you want, you can leave one time gifts in your plan but also create new legal entities that will continue to give to charity indefinitely. You can even dictate what charities these entities will give to and for what purposes.
The entities can be relatively simple trusts or they can be complex family foundations.
Without proper planning, however, creating a charitable legacy is nearly impossible. Attempts to do so can easily fall afoul of the law and IRS regulations.
An estate planning attorney can advise you on creating a plan that will meet your circumstances.
Reference: Port Huron Times Herald (Nov. 25, 2016) “Plan today to make a difference tomorrow.”