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Giving to Charity in an Estate Plan

Giving is Good

They say “you can’t take it with you when you go” so what should you do with the assets you have worked so hard to earn over the years? Certainly you will want to leave something for your loved ones to help care for them when you are gone, but you might also want to help your favorite charity. Charities rely on gifts from generous donors to continue the good work they do and if you are in a position to give to your favorite charity, you can help provide services to many rather than just a few beneficiaries.

How can a Charitable Gift Help the Estate?

Charities are always in need of money but it’s important to know that gifting money to a charity can also help you and your estate. Giving to a charity while you are alive offers you a tax deduction for your gift, which you can take advantage of now. Giving to a charity also lowers the value of the estate which could mean that your estate can avoid paying estate taxes (or at least reduces the estate tax due).  Giving to a charity at your death by naming the charity as a beneficiary will provide you with an extra tax charitable deduction-reducing or eliminating the estate tax due.

Getting Legal Help

Experienced Estate Planning Attorney Elga Goodman can help you create a plan for all your assets including making smart decisions to make the most of all your life-long work. Contact us today at 973-841-5111.

Posted in: Estate Planning, New York Estate Planning