Dear Friend,

Today, I want to discuss a powerful tool that can enhance your legacy and provide significant benefits to your estate plan: charitable giving. Including charitable donations in your estate plan is not just about generosity; it’s about making a lasting impact and securing your financial future.

Imagine leaving a legacy that benefits your family and supports the causes you care about deeply. Charitable giving can help you achieve this. By including charitable donations in your estate plan, you ensure that a portion of your wealth goes to organizations that align with your values and passions. This can bring a profound sense of fulfillment and purpose to your estate planning.

Charitable giving offers numerous benefits, both emotionally and financially. One of the most compelling reasons to include charitable donations in your estate plan is the potential for significant tax savings. Donations to qualified charitable organizations can reduce the taxable value of your estate, thereby lowering the estate taxes your heirs might owe. This means more of your wealth stays with your family, and less goes to the government.

Moreover, charitable giving can help you manage your income tax liabilities. By donating appreciated assets, such as stocks or real estate, you can avoid capital gains taxes that would otherwise be due if you sold these assets. This strategy can provide immediate tax benefits while also supporting your chosen charities.

Charitable giving also allows you to support causes that are important to you. Whether it’s funding medical research, supporting education, or helping those in need, your charitable donations can make a significant difference. This can be a powerful way to ensure your values are reflected in your legacy.

Failing to incorporate charitable giving into your estate plan can mean missing out on these valuable benefits. Without a clear plan, your estate may face higher taxes, reducing the amount left for your heirs. Additionally, your wishes for supporting charitable causes may not be realized, leaving a gap in your legacy.

Another pitfall is not properly structuring your charitable donations. Simply leaving a lump sum to a charity in your will might not maximize the tax benefits. Before you make a move like this, I urge you to call my office. We will help you create a strategic plan that leverages charitable giving to its fullest potential.

We will start by identifying the causes and organizations you want to support, the impact you want to make, and how you want your donations to be used.

Next, we will work together to incorporate charitable giving into your estate plan. This may involve setting up a charitable trust, such as a charitable remainder trust or a charitable lead trust, which can provide you with income during your lifetime while benefiting your chosen charities after your death.

Once the plan is in place, we will help you with regular reviews and updates to your estate plan to ensure it continues to align with your charitable goals and financial situation. As tax laws and your personal circumstances change, your plan may need adjustments to remain effective and beneficial.

Don’t wait to incorporate charitable giving into your estate plan. The sooner you start, the sooner you can begin enjoying the benefits of reduced taxes and the satisfaction of supporting the causes you care about. By acting now, you also ensure that your charitable wishes are clearly defined and legally enforceable, providing clarity and peace of mind for you and your family.

At Bascom Law, we specialize in helping clients like you create estate plans that include charitable giving. Our goal is to help you maximize the impact of your generosity while securing your financial future. Contact us today at 770-285-5493 to schedule a consultation and start planning your charitable legacy.

Your legacy is too important to leave to chance. Let’s work together to ensure your wealth benefits your loved ones and the causes you care about most.

Sincerely and thanks,

Mike Bascom

Bascom Law, PC