Many people, for various reasons, elect to leave gifts to charity in their estate plan. In most cases, depending on the purpose, a gift to charity can be made in a Last Will and Testament or in a Living Trust.
A Last Will and Testament can be an effective way to devise an estate for charity for a couple with no children, no family, and a simple estate.
However, if a couple has children or multiple assets and wishes to leave part of their estate to charity, a living or charitable trust may be of particular interest to them. Using a trust allows the donor tax benefits and more control over how their assets are distributed.
Gifting to charity is a beautiful way of supporting organizations near and dear to your heart. Charitable gifting can also be a way of reducing taxes and can be part of a strategic estate plan.
In either case, consulting with an estate planning attorney in your area is the best way to get clarity on your options based on your specific goals.
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