What MacKenzie Scott and Melinda Gates Can Teach Us About Charitable Giving

Charitable giving allows us to contribute to the causes we believe in and, ultimately, make the world a better place. Philanthropy also gives us an avenue through which we can leave an enduring legacy. If you have the means to donate to charitable causes, you may be interested in including charitable giving in your estate plans.

Two women who have recently been making headlines with their philanthropic pursuits are Melinda Gates and MacKenzie Scott. These women married two of the wealthiest men in the world. Now, they are using part of their wealth to fund the causes they feel most strongly about.

Addressing Inequality and Promoting Social Progress Through Philanthropy

Although Bill and Melinda Gates’ marriage has ended, the couple have committed to reducing poverty and improving global health through The Gates Foundation. Melinda has also recently branched out into other philanthropic endeavors, focusing on women’s issues and promoting equality for all.

MacKenzie Scott, who recently divorced Amazon founder Jeff Bezos, is another powerful figure who has chosen to use her wealth to make the world a better place. She and Melinda recently collaborated on the Equality Can’t Wait Challenge, which aims to promote gender equality through a series of grants awarded to organizations dedicated to tackling women’s issues.

What Role Does Charitable Giving Play in Your Life?

MacKenzie Scott and Melinda Gates are shining examples of the good that can come from philanthropic efforts. If you are building your estate plans, it is important to consider how you want to incorporate charitable giving. The average person does not have the means to donate millions of dollars like Scott and Gates. However, they do have the opportunity to give at the level they feel is appropriate to their situation. What role should charitable giving play in your estate plan? How can you structure charitable giving so that you maximize tax-related benefits and deductions?

You may choose to make a charitable contribution in your will, name a charitable organization as a beneficiary in a trust, or establish a family foundation that will carry out your wishes even after you pass away. You may utilize gift annuities to transfer funds to non-profit organizations and receive annuity payments, allowing you to avoid capital gains taxes and take a partial income tax deduction.

Deciding what charitable giving strategies will work best for your personal goals and financial circumstances can be complicated. If you are ready to start exploring your options for making charitable giving part of your estate plan, reach out to an experienced estate planning lawyer for help.

Call Us for Help Today

Donating to the causes we feel passionate about allows us to leave a lasting legacy. For help with determining the best charitable giving strategies for your unique situation, contact the skilled Naperville estate planning lawyers at the Gierach Law Firm. Call 630-228-9413 for a confidential consultation.

Sources:

Equality Can’t Wait

Forbes