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The season of giving is upon us, and many of
“We, as a society, embrace the opportunity to make the holiday season special for all—whether it involves giving change to
People who wish to make a difference by committing money to their favorite charity and those facing significant tax burdens are ideal candidates for philanthropy, according to Wald. She says there is a common misconception that making charitable gifts in an estate plan only makes sense for the super wealthy, but this could not be further from the truth. Although charitable giving is a tool used to reduce federal and state taxes, anyone who would like to support his or her favorite causes can add charitable gifts to an estate plan.
One of the concerns people raise when they add charitable giving to their will or trust is the impact the gift will have on the family members who would otherwise receive the money.
“I always ask: Will the beneficiaries really miss
Wald goes on to detail three tools typically used for including charitable gifts in estate documents: outright gifts, charitable remainder trusts, and charitable lead trusts. For each individual, determining which charitable estate planning tool is best will be based upon his or her charitable intentions and financial situation.
For more information on including charitable gifts in an estate plan and assistance with other estate planning needs, please contact the
About the Law Offices of Julia P. Wald
As a
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