National Estate Planning Awareness Week, October 19–25, is an opportunity to think beyond simply creating a will.
A thoughtful estate plan considers how different assets will transfer, who or what you want to support, and how the different pieces of your plan work together.
Some assets may be distributed through a will or revocable trust. Others — including IRAs, retirement accounts, life insurance policies and certain financial accounts — may pass according to beneficiary or transfer-on-death designations.
If charitable giving is important to you, those decisions can also become part of your broader legacy.
Ways to Include Charitable Giving in Your Estate Plan
- Name a Charitable Fund as a Beneficiary
You may be able to designate a charitable organization or fund to receive all or a percentage of an IRA or other retirement account. - Leave a Specific Dollar Amount
You may choose to leave a specific amount through your will or trust to establish or add to a charitable fund. - Leave a Percentage of Your Estate
Instead of specifying a fixed dollar amount, you may direct a percentage of your estate to a charitable fund. - Create a Fund Supporting Organizations or Causes You Care About
An estate gift can establish or add to a designated fund benefiting an organization or supporting a field of interest that is meaningful to you. - Leave a Gift to Meet Changing Community Needs
An unrestricted gift allows Collaboratory to put charitable dollars to work where they can make an important difference as community needs and opportunities evolve.
Consider the Whole Picture
These approaches do not necessarily have to stand alone. Your charitable plans may incorporate multiple documents, assets, beneficiary designations or types of funds.
If charitable giving has been an important part of your life, Collaboratory’s team can work alongside your attorney, CPA and financial advisor to help you explore options for creating a legacy that reflects your intentions.
START A CONVERSATION WITH COLLABORATORY
This information is provided for educational purposes only and is not intended to constitute legal, tax or financial advice. Please consult your qualified professional advisors regarding your individual circumstances.
