It is not uncommon for an individual to leave a portion of their assets to a charity that is meaningful to them. There are a variety of benefits to donating an endowment or legacy gift to a charity or nonprofit organization, and if you are interested in leaving an asset of your own to a beloved charity, the family law and estate planning attorneys at Rodier Family Law have outlined the donation process here.
What are the Benefits of Donating to Charity?
Leaving assets to charity is a generous and fulfilling act of kindness that can touch many lives. With your funds as a gift, your favorite charity, or charities, can be assisted so they can continue to do good works and further promote their respective causes. Donating a portion of your assets to charity can also offer financial advantages, as leaving a charitable gift may result in you and your estate receiving a substantial tax break.
What Types of Gifts Can I Leave to a Charity or Nonprofit Organization?
By leaving a financial donation to charity, also known as a legacy gift, you can support a just cause and have a positive impact on people in need. Four common types of legacy gifts that you can leave to charity as part of estate planning include general gifts, residuary gifts, specific gifts and contingent gifts.
- General gifts are specific amounts of money that you have decided to leave a charity or nonprofit organization.
- Residuary gifts, on the other hand, include any assets that are left over in your estate when all general and specific gift requests have been completed and all of your finances have been accounted for as far as part of the probate process. In other words, whatever unclaimed funds remain out of your estate can be automatically gifted to a charity of your choice.
- A specific gift is a non-monetary gift, such as an item like a vehicle, furniture or a piece of jewelry that you can gift to charity.
- Lastly, a contingent gift is a gift that can be donated to charity so long as specific conditions in your will are met.
Can I Leave an Asset to Charity Other Than Money?
Not all charitable donations have to be monetary. For instance, it is possible to leave almost any asset to charity if you desire. Non-monetary assets that can be gifted to charity include real estate, valuables such as jewelry or vehicles, life insurance policy proceeds, business partnerships and even stock investments. If you have decided on a charity that shares your same values and contributes to a just cause, you can leave them practically any asset you would leave to a loved one.
Leave a Gift to Charity With the Help of the Estate Planning Attorneys at Rodier Family Law
Leaving a portion of your assets to charity is a selfless and benevolent act. If you are interested in creating an estate plan with a dedicated estate planning attorney at Rodier Family Law, our team of attorneys can talk to you about leaving your assets to charity. Contact Rodier Family law today for more information.