If you keep track of your net worth throughout your life as you look ahead toward the future you may eventually come to the realization that you have accumulated more than ample financial resources.
As you are planning your estate you are in a very admirable position when the above circumstance is in place. You may in fact decide that in addition to leaving behind resources for your loved ones you would also like to provide something to charitable causes.
This is something that you should discuss with your estate planning lawyer. Depending on your personal situation there could be some tax advantages that go along with philanthropic actions to provide you with a bit of a reward for your generosity.
A vehicle of charitable giving is going to be something that you must decide upon. There are those who start private family foundations, and when you discuss things with an attorney you will find out that you don’t necessarily have to be a billionaire to do so.
Many private foundations are not staffed, and one can start a foundation with less than $1 million.
Another option would be to contribute into a donor advised fund. These are very appealing to many individuals because the costs are low, the accounting is streamlined, and these funds facilitate the ability to contribute securities for the benefit of charitable causes.
If you would like to establish a broad legacy via philanthropic efforts you have choices to make. We would be more than glad to assist you with your legacy planning efforts. To arrange for a consultation call us at 800-295-1917 or contact us electronically by clicking this link: Free Long Island Estate Planning Consultation
Latest posts by Saul Kobrick (see all)
- Will Robots Care for the Elderly In the Not Too Distant Future? - July 26, 2018
- Understanding How Social Security Works to Fund Your Retirement - July 24, 2018
- 6 Important Estate Planning Considerations – Part 6: Taxes - July 19, 2018