Smart Charitable Donation Strategies for Your Will
The assets that you work hard to acquire during your lifetime are very important to you. While you already have plans to leave charitable donations to your family and friends, you should also consider your favorite charity. You could arrange this by adding the company to your will, but that might not be the best strategy to use. Not only could money and property get stuck in probate, but there could be problems with getting your wishes carried out.
Thankfully, there are other strategies you can use to have a better outcome. According to what you need and what your goals are, the below approaches could work very well for you. Continue reading so that you find a way that both you and your charity can prevail.
Set Up a Charitable Donation Trust Endowment
Using a charitable trust endowment to share your part of your assets with the charity of your choice is very effective. A system called a charitable remainder trust, or CRT, is a great idea to consider. With this trust, you can retitle the assets so that the CRT owns them. At the time of your death, the assets are then allocated to the charity based on the instructions that you included in the documents for the trust.
Work With a Lawyer to Include Business Succession
When you decide to help a nonprofit or charity, you aren’t limited to monetary donations in your giving. You can pass on nearly any asset to your philanthropic interests. For example, this includes jewelry, vehicles, real estate, life insurance policy benefits, stock and even business partnerships. This means that while you are setting up your business succession planning, you can also add in your plans for charitable donations. But, to ensure this is correct, work with a business planning lawyer in Las Vegas. Then, you will have the security that comes with a lawyer experienced with business continuation and wills.