Having an estate plan is critical at any age in Texas. However, it becomes even more essential as people age and accumulate an increasing number of possessions. There are many options for dividing assets when engaging in estate planning, which include charitable gifts or planned giving.
Giving charitable gifts is something worth considering during the estate planning process if there are causes important to the person wishing to make the gifts. Planned giving is valuable for ensuring that these causes remain successful long term so that future generations can benefit from them. This is especially invaluable since the financial future remains uncertain for many organizations. Thus, it can be even more beneficial than randomly making a one-time gift to the organization right now.
Planned giving also has some real tax and financial benefits. This is part of the reason that an increasing quantity of money is being transferred via estates. Another benefit of arranging posthumously for a gift to be made to charity is that it allows people to leave legacies — ones that will last — and to essentially be the authors of their own legacies.
Estate planning can be a complicated ordeal for those with few or many assets. However, it is a critical part of life planning for both the young and the old. An attorney in Texas can help with putting together a will or other estate planning documents in an effort to ensure that assets end up in the intended hands following the death of the owner of the assets.
Source: clevelandjewishnews.com, “Planned gifts as part of estate planning help organization’s survive“, Becky Raspe, March 17, 2017