How to include giving in your estate plan

Metro Creative Graphics Charitable giving is the lifeblood of many nonprofit organizations. The generosity of donors helps charities meet their missions and provide vital services to people facing disease, financial hardship and other situations they cannot overcome on their own. Many donors make sacrifices to support their favorite causes and charities.

Forgoing certain luxuries so money can be donated to charity illustrates the selfness nature of charitable giving, which can even continue after death. Estate planning is a complicated process that details exactly how a person wants their assets divvied up after death. But an estate plan also can go into effect while individuals are still alive.

Each year, millions of people across the globe choose to include charitable giving in their estate plans, and that can benefit charities and donors. The following are a handful of the many ways charitable men and women can incorporate giving into their estate plans. • Bequest giving in a will or living trust.

Perhaps the most widely known way to include charitable giving in an estate plan is to bequeath money in a will or living will. The Community Foundation Alliance notes that bequests typically allow donors to define how their donations will be spent or utilized. That benefits charitable organizations, but surviving family members also can benefit from such arrangements.

According to LawDepot.com , individuals may be able to lower the estate taxes on their estates at their time o.