Consider Charitable Donations in Your Estate Plan

For many people, the day after Thanksgiving marks the beginning of the winter holiday shopping season, and in most years, retail outlets attempt to lure customers by offering great “Black Friday” deals. “Small Business Saturday”—an event created by American Express—immediately follows Black Friday, and it is a day for shoppers to focus their spending on family-owned stores instead of major chains and big-box stores. “Cyber Monday”—a day dedicated to online shopping deals—is two days after Small Business Saturday. After more than a full weekend of consumerism, the day after Cyber Monday turns our attention to those less fortunate than ourselves. “Giving Tuesday” is a day on which we are all encouraged to make meaningful donations to charities and non-profit organizations.

This year, Giving Tuesday fell on December 1, and donations to non-profits were expected to surpass last year’s total of $2 billion in the United States. Challenges created by the COVID-19 health crisis have also made charitable giving more important than ever before.

It is also possible to include charitable giving in your estate plan. In my practice, I take immense pride in helping my clients make decisions about supporting charitable organizations in their wills, trusts, and other planning instruments. When you are ready to think about your legacy and how you can help others, we will be there to assist.

Balance With Other Beneficiaries

As with most aspects of estate planning, deciding to leave a portion of your assets to a charitable organization must be done with careful consideration of your entire situation. You will need to take into account the responsibility you feel for providing for your family and loved ones, and how that will measure up against benefits of your donation. The circumstances of every family are entirely unique, and you have the right to with your estate as you see fit. You could choose to donate every penny to a charity, or you could make provisions for your family first and carve out a portion for charitable giving.

Choosing a Charity

If you have been an active supporter of a particular group or organization for some time, it may be an easy decision to consider them in your estate planning. Or perhaps, you have been aware of a particular charity’s work and never had the opportunity to contribute before. By selecting a charity or charities that are close to your heart, you can help them fulfill their mission of helping others. If you would prefer to keep your donation private, there are methods available to make anonymous contributions, and we can help you utilize them.

Call to Discuss Your Options Today

At the Gierach Law Firm, we have the knowledge and experience to help assist you in developing a comprehensive estate plan that meets your needs and those of your family. Contact a skilled estate planning attorney in Naperville today, and we will explain your various options for charitable giving in your will or trust. Whether you want to make a larger, one-time payment or a series of ongoing disbursements from a trust or other holdings, we will walk you through the possible advantages and disadvantages of each. Call 630-228-9413 to schedule a consultation.

Sources:

CNN

CNBC

Fidelity