There is a lot to think about when crafting an estate plan, such as inheritances, funeral preferences and even medical wishes. But wills and trusts can also be used for much more. Creating a lasting legacy is an important function of estate planning, and gifting money or assets to an organization is an excellent way to do so.
Charitable giving may be a priority for some people in Lake Charles. That does not have to change because a person is either incapacitated, deceased or otherwise unable to donate money intended for an organization. Gift planning allows individuals to continue regular donations in all of these situations. It also gives recipient organizations the continued financial security to maintain current or launch new charitable initiatives.
Gifts to charitable and nonprofit organizations can be made through either wills or trusts. Wills can be useful since people can gift both money as well as valuable assets, like life insurance benefits and jewelry. Trusts might be a better option when gifting assets that can provide regular income or returns. Stocks, real estate and other investments are just a few assets that might be most appropriately gifted through trusts.
If donating to worthwhile organizations is an important part of someone’s life, that legacy should carry on even after death. An estate plan can be used to do just that, and it also provides benefits for capital gains and estate taxes. However, there are different rules regarding those tax benefits, so seeking guidance during this portion of estate planning might be most helpful for Lake Charles residents.