Leave a Legacy That Matters
Creating a will is one of the most important financial and personal decisions you'll make. It allows you to decide how your property will be distributed, who will carry out your wishes, and how you want to be remembered.
Most people naturally think first about providing for a spouse, children, or other loved ones. That's exactly what a will should do. But while you're meeting with your attorney, there is another important conversation to have.
What are the charitable organizations that have made a difference in your life?
Including a charitable gift in your will allows you to continue supporting the causes that have been meaningful to you throughout your life. Your gift does not have to be large. Even a modest bequest can make a lasting difference.
You may have several organizations that reflect your values and have earned your support over the years, such as:
- Your church or other religious organization
- A college or university
- A hospital or healthcare charity
- An animal rescue or humane society
- A food bank or other community service organization
Think about the organizations that have helped shape your life. Perhaps your church has been an important part of your family's story. Maybe a college or university opened doors to your career. A hospital may have provided exceptional care to someone you love, or a local nonprofit may have strengthened your community. These organizations often leave a lasting impression, and your will can allow you to continue supporting their mission.
A Few Practical Suggestions
- Make a list of the organizations that are important to you.
- Use each charity's correct legal name so there is no confusion.
- Review your will every few years, especially after major life events.
- Let your family know why these organizations are meaningful to you.
A charitable bequest does not have to be a large percentage of your estate. Some people leave a specific dollar amount, while others leave a percentage of what remains after family members have been provided for. Your attorney can help determine the approach that best fits your goals.
If you are creating or updating your will, take a few minutes to make a list of the charities that have been important to you. Share that list with your attorney and discuss whether including one or more charitable gifts makes sense as part of your estate plan. Your attorney can prepare the legal documents.
As Your CPA:
I can help you understand the tax considerations of charitable giving as part of your overall estate and financial plan. In some situations, charitable giving may have income tax or estate planning implications, particularly when retirement accounts or appreciated assets are involved. Working together, your attorney and CPA can help ensure your wishes are carried out efficiently.
Bequests do not have to be large to make an impact
Your will is more than a legal document. It is an opportunity to leave a legacy that reflects both the people and the causes that mattered most to you.
Question? Let’s Talk!
If you have questions about the tax aspects of charitable giving or would like to discuss how it fits into your overall financial plan, contact GurelCPA for a free consultation.
The article is meant for informational purposes only. Please contact me directly to discuss how this applies to your individual tax situation.