Leaving property to charity builds a lasting legacy. You may also receive tax benefits for your gift. However, you should take steps to ensure your kind act is accomplished as you intended. Here is what you need to know.
Do you have the right to direct what happens to your gift in the future?
You have a special right as a donor. You not only can dictate what happens to your assets immediately after your death, but also far into the future. Do you want to be sure the Edward Hopper painting is enjoyed by future generations at your town’s small art museum? You can put restrictions on the sale of the piece. Do you want your land enjoyed as a public park? You can forbid development of the property in perpetuity. In order to preserve your intentions, you should include clear language that specifically directs its use.
Do you adore your grandchildren and want to leave them a gift upon your passing? A thoughtful estate planning approach can help assure that your grandchildren receive the gifts you intend while protecting their assets now and in the future. Here are some tips for leaving property to your grandchildren.
A comprehensive estate plan can help your loved ones to avoid a litany of stresses and court procedures after your death. Therefore, it is important to prioritize detailed, high-quality estate planning, regardless of the stage of life you’re in. Unfortunately, many people are unfamiliar with the various tasks and strategies associated with estate planning—and this […]
You have the right to disinherit anyone but your spouse or minor children from your last will and testament. Most commonly an issue when parents wish to disinherit adult children, it’s a decision you should never make lightly. After all, it could cause enormous rifts among your family members and beneficiaries, and potentially lead to […]
Retirement accounts tend to make up a significant portion of people’s wealth. As you plan your estate, you must consider the impact your tax-deferred retirement accounts will have on your estate overall. These plans could include IRAs, 401(k)s and 403(b)s, among others. You should always take all the necessary steps to minimize the potential tax […]