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Planned Giving & Legacy Giving – Update Your Will To Leave A Lasting Impact

Legacy giving, also known as planned giving, offers individuals an opportunity to leave a lasting impact on society by supporting causes and organizations close to their hearts. In this blog, we will explore what planned giving entails, the benefits it provides, the positive impact it can have on communities, and why De Rose is a trusted advisor for those interested in creating a meaningful legacy through estate planning.

What Is Planned Giving?

Planned giving, or legacy giving, refers to the act of making charitable contributions or bequests as part of an individual’s estate plan. It involves considering the causes and organizations that align with personal values and making provisions to support them financially after one’s passing. It allows individuals to extend their philanthropic efforts beyond their lifetime, in turn creating positive changes in the world.

Benefits Of Planned Giving

Supporting Causes Close To The Heart

Planned giving allows individuals to support causes or organizations they are passionate about. Whether it’s promoting education, healthcare, environmental conservation, or social justice, planned giving ensures that personal values and beliefs continue to make a difference even after one’s lifetime. This provides a sense of fulfillment and leaves a meaningful legacy.

Tax Benefits

Planned giving offers individuals not only the opportunity to make a meaningful impact through charitable contributions, but also provides potential tax benefits. By incorporating charitable giving into your estate plan, you can optimize your tax situation while supporting causes close to your heart. One significant tax benefit of planned giving is the potential for charitable deductions. When individuals make charitable contributions, whether through cash, assets, or property, they may be eligible to deduct the value of those contributions from their taxable income. This can result in the reduction of their overall tax liability, providing a valuable incentive for philanthropic giving.

Furthermore, planned giving allows individuals to effectively manage their estate tax obligations. In many jurisdictions, estates that exceed a certain threshold are subject to estate taxes upon an individual’s passing. By including charitable bequests or donations in their estate plans, individuals can help reduce the taxable value of their estate. Charitable contributions are often deductible from the gross estate, which can lower the taxable amount subject to estate taxes. This can result in significant tax savings, ensuring that more of the estate’s value goes towards supporting charitable causes rather than being allocated to taxes.

It’s important to note that tax laws and regulations vary depending on the jurisdiction and individual circumstances. Working with a knowledgeable advisor, such as De Rose, can help individuals navigate the complexities of tax laws and maximize the tax benefits associated with planned giving. Advisors can provide guidance on the specific tax advantages available in each jurisdiction and assist in structuring planned giving strategies to optimize the tax benefits for the individual and their estate.

Planned Giving’s Impact On The Community

Charitable giving has a profound impact on communities. By supporting non-profit organizations, charities, and foundations, legacy giving helps address critical social issues, helps provide essential services, and helps foster positive change. The financial contributions received through planned giving enable these organizations to carry out their missions, fund research initiatives, provide scholarships, and deliver much-needed support to those in need.

Life Insurance Charity Donations

Life insurance charity donations provide a unique and impactful way to support charitable causes while also securing financial protection for loved ones. With a life insurance policy, individuals can designate a charitable organization as the beneficiary or make the organization the owner of the policy. This means that upon the policyholder’s passing, the designated charity receives the proceeds of the life insurance policy.

One of the key advantages of making charitable donations through life insurance is the ability to make a significant contribution without depleting one’s estate or impacting the inheritance of family members. By naming a charitable organization as a beneficiary, individuals can ensure that a predetermined portion of their life insurance payout goes directly to the charity of their choice. This allows individuals to support causes they are passionate about while still providing for their loved ones’ financial security.

Additionally, life insurance charity donations may offer potential tax benefits. Depending on the jurisdiction and specific circumstances, individuals may be eligible for tax deductions for premiums paid or for the charitable donation itself. Consulting with a knowledgeable life insurance advisor or tax professional can help individuals navigate the tax implications and maximize the benefits of life insurance charity donations.

Overall, life insurance charity donations present a strategic and impactful way to leave a lasting legacy by supporting charitable organizations while maintaining financial protection for loved ones. It offers individuals the opportunity to make a significant difference in the world and contribute to causes they care about deeply.

De Rose Is A Trusted Advisor For Creating A Meaningful Legacy

Legacy giving or planned giving empowers individuals to leave a lasting impact by supporting causes close to their hearts. By including charitable contributions in their estate plans, individuals can experience the satisfaction of supporting their preferred organizations while benefiting from potential tax advantages. Through legacy giving, communities thrive, education is enhanced, healthcare is improved, and the environment is protected. With De Rose as a trusted advisor, you can create a meaningful legacy that positively influences society for generations to come. Embrace the power of planned giving and make a difference that lasts beyond a lifetime.

De Rose understands the significance of legacy giving and the desire to create a lasting impact. As trusted advisors, we specialize in estate planning and can guide individuals through the process of creating a comprehensive plan that reflects their personal philanthropic goals. De Rose works closely with clients to identify their charitable passions, explore tax-efficient strategies, and ensure their wishes are carried out effectively.

With our expertise in charitable life insurance policies, De Rose can provide valuable insights into leveraging life insurance to maximize charitable giving, offering individuals the opportunity to make a substantial contribution while securing financial protection for their loved ones.