A will is one of the most popular ways for making gifts through one's estate. Making a charitable bequest through your will depends on a number of factors, including the assets you own, family considerations, and the number of charitable priorities.
The most commonly used methods for bequests are:
- Stating a specific amount to be given through your will.
- Bequeathing a specific property, if you know that the charitable recipient can make use of a particular item or asset. Be sure to check with the intended recipient to make sure that the item you wish to leave can be put to its best use.
- Giving a particular percentage of the assets passing under your will. This way, your charitable dispositions will automatically adjust along with the total value of property passing under the terms of your will.
- Passing along all or part of "what's left" allows you to safeguard the interests of your family and loved ones first. In this manner you can assure that others receive what you would like them to have before any assets are distributed for charitable use.
Leaving a legacy is a rewarding and noble act. But a gift from your estate -whether through your will or other estate planning vehicles - can only be made if you plan ahead. Through a well-planned will, you can reduce estate taxes that may otherwise be owed. Remember tax laws change over time. You and your advisers should review your plans whenever legislation is enacted which may affect them.
Contact us for more details or to discuss how we may be able to help you meet your charitable goals at (717) 242-7365. In addition, be sure to consult your attorney and/or tax professional for the best advice in your situation.