Incorporating Charitable Giving Into an Estate Plan

How can charitable giving be incorporated into an estate plan?

One way to incorporate charitable giving into an estate plan is to include a provision in your will or trust that sets aside a certain amount of money or assets to be donated to a specific charity or charity. This can be done in several ways, such as by leaving a particular dollar amount or a percentage of your estate to the charity or by designating specific assets such as stocks or real estate to be donated.

Another way to incorporate charitable giving into your estate plan is to use a charitable remainder trust (CRT). With a CRT, you can transfer assets into a trust that will pay income to you (or to someone else you specify) for a certain number of years, after which the remaining assets in the trust will be donated to the charity or charities you have chosen. This can be a tax-efficient way to support your favorite charities while also providing income for yourself or your beneficiaries.

Still another option is to donate appreciated assets, such as stocks or real estate, directly to a charity. This can be a tax-efficient way to support the charity because you can claim a charitable deduction for the total fair market value of the assets, and you will not have to pay any capital gains tax on the appreciation.

It's important to consult with an attorney when incorporating charitable giving into your estate plan to ensure that your wishes are carried out properly and in accordance with the law.

Estate Plan Attorney Free Consultation In Utah

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Parklin Law - Estate Planning

5772 W 8030 S, # N206

West Jordan UT 84081

(801) 618-0699

https://parkin-law.business.site/

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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Location: Ogden, UT, USA

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