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By donating to charity in your will, you can continue helping the causes you care about most and leave a lasting legacy. You can contact us to discuss your legacy giving ideas.
Please note, even a well-intentioned gift requires careful thought, since making charitable donations comes with certain tax and estate planning implications. Given the legal nature of estate planning, it is always beneficial to review estate planning with a legal professional first before reaching out to our team.
It is common to leave money in your will to a charity, yet you can actually donate several types of assets. You can choose to allocate all or just a portion of these assets to the charity. These assets include:
No matter what assets you decide to donate, have a strategy in place. You can donate with a bequest through your will, designating CORE as a life insurance beneficiary or as a beneficiary for your retirement accounts, and by creating a charitable lead or charitable remainder trust.
1. A bequest through your will: One of the most straightforward ways to make charitable donations after death is via a bequest through your will. With this approach, you can designate assets such as stocks, bonds or real estate to a charity through your will or a revocable trust, a type of trust where you can change the terms or provisions. These assets will be removed from your estate, which could help to reduce estate taxes.
2. Designate the charity as your life insurance beneficiary: You can choose a charity to be a beneficiary of your life insurance proceeds, annuity or retirement accounts. Designating a charity as your beneficiary could lower the value of your estate, which may reduce estate taxes.
3. Designate a charity as a beneficiary for your retirement accounts: With an IRA or other qualified retirement account, you can designate a charity as the beneficiary. Estates with charities as beneficiaries may benefit from an estate tax perspective. The charity also benefits, since they do not have to pay income tax on any of these proceeds.
4. Create a charitable lead or charitable remainder trust: A charitable lead trust is an irrevocable split-interest trust in which a charity receives proceeds from the trust during its life, and other beneficiaries (typically family members) receive any remaining assets once the trust terminates.
Consider consulting an estate planning attorney to walk you through the specific rules dictating how assets must be distributed and the length of time a beneficiary can receive income from the trust.
