Many people wish to leave a legacy by giving some portion of their assets to charitable organizations that have been important to them. There are several different ways this can be done.
We can help identify an appropriate approach based on your desires, assets, and circumstances, and incorporate this into your estate plan.
Will Bequest. A bequest is a simple and common strategy. This approach keeps your assets under your control and available to you throughout your lifetime, while establishing a future gift for charity.
Beneficiary Designation. You may name a charity as beneficiary of an insurance policy or financial account. As with a bequest, these assets remain under your control and available to you throughout your lifetime. Designating a retirement account to charity can have significant tax advantages.
Charitable Gift Annuity. This is a contractual arrangement in which you make a charitable gift today, and receive a fixed income stream for life. The amount of income you receive is based on your age and the size of your gift.
Charitable Remainder Trust. This arrangement, which gives you an immediate charitable tax deduction, creates a trust that pays out income to you (or your designee) for a set period of time. At the end of that time, the assets remaining in the trust go to charity. These trusts can be established during your lifetime or through your will.
Charitable Lead Trust. This type of trust also creates an immediate tax deduction, but it reverses the payouts compared with the Charitable Remainder Trust. Here the charity receives the income for a certain period of time, and at the end of that time the assets remaining in the trust are distributed to you (or your designee). These trusts can also be established during your lifetime or through your will.