Elder Law

Q. How can I incorporate charitable giving into my estate plan?

A. There are many ways to include charitable giving in your estate plan. A common and simple method is to make a bequest in your will. Another simple approach is to name your charity as a beneficiary of your IRA. This comes with an added tax advantage since qualified charities are exempt from paying taxes on IRA distributions, which means more of your donation makes it directly to the charity. Other methods to consider, depending on the size of your gift and your desired level of involvement, can include creating scholarship, or setting up a charitable trust. In addition to leaving a legacy, these methods can result in significant tax advantages for you.

Each method of giving comes with its