Dawn Jinsky: Giving to charity is a rewarding experience and incorporating this in to your estate plan is a great way to ensure that you can make the most of sharing with those less fortunate or donating to a cause thats close to your heart. Hi! I am Dawn Jinsky, Partner at Plante Moran Wealth Management; here to discuss some questions to consider when making charitable donations part of your estate plan.
The first question we ask clients who are interested in philanthropic givenness what are you looking to accomplish? This may seem like a basic question but there are many ways to reach your philanthropic goals. Consider, if there are existing organizations that support a cause inline with these goals or if creating a resource is part of your objective. Do you want to provide funds or youre looking to do something that requires more involvement from your family. Often this option is desirable since it creates a reason for your heirs to continue to interact even after youre gone. Is your chosen cause something you should support during your lifetime instead of waiting to have this to be part of your estate. This is often advantageous from a tax perspective and some causes may benefit more from immediate donations. If looking to create a resource, starting a foundation during your lifetime allows you to participate in the formation and make sure its developing an alignment with your goals. Most of all you ask yourself how can I best support a cause. If you are donating funds do to your homework; make sure the existing charity if efficiently run and will continue to use your gift effectively. Various resources can even provide radiance of charities based on these qualifications. If youre supporting a smaller organization consider whether they have capacity to handle a large one time gift or if they would be better off with a different type of donation such as building a facility or creating a smaller annual bequest. Understand you have a lot of different options when it comes to giving.
Finding the best one that fits your philanthropic objective can make all the difference. So think about these goals and consider these important questions in advance so your legacy goes to the best use.