Four Ways To Provide For Your Favorite Non-Profits In Tampa Estate Planning
Creating an estate plan can help to protect your assets and ensure loved ones are provided for in the years to come. For many people, certain charities, arts organizations, and other non-profits play an important role in their lives. Including these groups or individuals in your estate planning makes sense financially and helps them continue their good works long into the future. Our Tampa estate planning attorney explains four common ways to achieve this goal.
Including Non-Profits In Your Estate Plan
An important part of estate planning in Tampa involves making a complete list of all properties and assets and determining what will happen to them in the event of your death. This means designating beneficiaries, who are entitled to inherit from your estate.
In addition to family members and friends, many people opt to include charitable organizations and other types of nonprofits in their estate planning. The National Council of Nonprofits encourages bequests of money and property not only as a way of continuing your contributions and ensuring these organizations are properly provided for but also as a way for wealthier individuals to protect assets by reducing their estate taxes. There are four common ways this can be accomplished in your estate plan:
- Specify contributions as part of your will.
A will is one of the most basic yet important estate planning documents. It conveys your wishes regarding final arrangements and provides instructions for the probate court regarding how property and assets should be divided in the event of your death. You can easily include a bequest to your favorite non-profit in this document as well.
- Create a charitable trust.
A trust allows you to distribute property and assets that are part of your estate to individuals or groups, much the same way as a will. However, it also allows you to transfer ownership now, providing certain financial benefits, avoiding probate court proceedings, and make more detailed distributions.
- Name your favorite non-profit as the recipient of investment or retirement funds.
Investments and money saved in retirement accounts may represent a significant portion of your estate. Designating all or a percentage of these funds is a relatively easy way to ensure your favorite non-profits are provided for.
- Take advantage of charitable rollovers.
Kiplinger advises that charitable rollovers are one of the best ways to protect your assets and provide for your favorite non-profits. If you are over 70, you may be able to make Qualified Charitable Distributions (QCD) of up to $100,000 per year. For wealthier individuals, this allows you to reduce income and take advantage of tax benefits.
Discuss Your Options With Our Tampa Estate Planning Attorney
Providing for non-profits as part of estate planning can be personally meaningful, benefits the individual or organization, and provides important tax advantages. To discuss your options in making these types of contributions, reach out to Strategic Counsel Law Group, L.C. Call or contact our Tampa estate planning attorney online and request a consultation today.
Sources:
councilofnonprofits.org/trends-policy-issues-tags/estate-planning
kiplinger.com/article/retirement/t021-c032-s014-5-ways-to-include-charities-in-your-estate-plan.html
