You can take a broader approach when you are planning your estate and look at it as a legacy planning endeavor. When you act in a more comprehensive manner, you help to shape the way you will be remembered after you are gone.
We are going to look at charitable giving here, but first, we will share some other legacy planning ideas that you may want to consider.
Memoirs, Family History & Ethical Will
Your family members have no way of understanding each twist and turn that you have taken as you have traversed your path through life. If you take the time to write your personal memoirs, they may learn some instructive things about you.
For your part, it can be a cathartic experience, and it can also be enjoyable if you have always thought that you could “write a book” about your profound personal experiences
The websites that provide genealogy information are very popular because a lot of people are interested in their roots. You are an important link in the chain, so you may want to share your family history as part of your legacy plan.
As an elder family member, you knew people that are now gone that the younger folks never had the opportunity to meet. And of course, you probably heard them tell stories about their elders, so you are uniquely positioned to pass this information along.
Ethical wills have been utilized since biblical times, and this type of will has nothing to do with money or property. Traditionally, people would share moral and spiritual values through ethical wills, but these days, a more freestyle approach is usually taken.
You can look at it like a final letter to your loved ones that can include anything that you would like to share.
Charitable Giving
If you are in a position to do so, you may want to consider acts of charitable giving when you are establishing your legacy plan. There are different methods that can be utilized, and for many people, the donor advised funds are the best choice.
There are a couple of very good things about donor advised funds. One of them is the efficiency, because you can support multiple different causes and/or institutions through a single donation to the fund. You make recommendations with regard to the nonprofits that you would like to support.
Another advantage is the ability to take a tax deduction for the year during which the contribution is made. This in and of itself may not seem like a revelation, but you can take the deduction even if the donor advised fund does not distribute assets during that calendar year.
A private foundation is another option, and foundations are often misunderstood. Since super wealthy families have established notable foundations, it can lead you to the belief that you have to be a billionaire to create a foundation.
In fact, most foundations in the United States are funded with less than $1 million. Another surprising statistic is the number of foundations that we have here in our country. There are about 44,000 of them, and most of these foundations are managed by families.
Attend a Complimentary Seminar
We have some great opportunities coming up in the near future if you would like to learn more about the estate planning process. Our attorneys are conducting a number of seminars over the coming weeks, and they are held at comfortable, convenient locations.
There is no charge, but we do ask that you register in advance so we can reserve your spot. You can see the dates obtain more information if you visit our seminar page.
Need Help Now?
If you are past the learning stage and fully ready to take action, we are here to help. You can send us a message to request a consultation at our estate planning offices in Westport or Glastonbury, CT, and we can be reached by phone at 860-548-1000.
Mr. Horowitz was awarded his Juris Doctor degree with honors from the University of Connecticut School of Law. While attending law school, Mr. Horowitz received the American Jurisprudence Award in Legal Ethics and the Nathan Burkan Award.
After graduation from law school, Mr. Horowitz continued his legal education at New York University School of Law where he received a Post Doctorate Law Degree in Taxation. He has also recently received a national achievement award.
Mr. Horowitz is admitted to practice before all the state courts in the State of Connecticut and the United States District Court.
Mr. Horowitz was selected for Super Lawyers in 2021.