Using tools like charitable remainder trusts or donating your RMDs are powerful tools that help you accomplish charitable giving goals within your estate planning. These are just a few of the options that you might not be aware of that could greatly assist you in helping your heirs and charities at the same time.
People choose to pass things on to charities for many different reasons, whether it is to help a cause you feel passionately about, on a loved one or simply to do some good. Many people do not give to charity only for tax purposes, but it is still smart to consider taking the most advantage of any available tax benefits.
Advanced planning, such as consultation with a trusted Michigan estate planning attorney can help you to understand the options available to you and how giving to charity fits into your greater legacy and goals in your estate plan. There are five different ways that you can incorporate charitable giving into your estate plan. These include:
· Charitable roll-overs for those people who are over age 70 ½ and wish to donate from their IRA directly.
· Giving appreciated stock to a charity during the course of your life.
· Direct bequests in your revocable trust or will.
· Creating a charitable remainder trust.
· Putting a charity as the beneficiary on your retirement account.
No matter what you choose, an experienced and knowledgeable attorney can help you. Are you ready to talk through your options with a Michigan attorney? Charitable giving and other goals, like protecting your assets, can be discussed in a meeting.