An estate plan is an important tool for Ohio individuals to distribute their assets after death. One common goal is to divide property according to a person's wishes. Many people have a strong commitment to community nonprofits. Through their estate plan, the planned giving option allows them to benefit their favorite charities.
Some of the planned gift options include charitable gift annuities and IRA charitable rollovers. Donors can reap financial benefits through tax deductions. In addition, their heirs will not have to deal with heavy tax burdens in the future. These tax benefits make it advantageous for donors to give large gifts to their favorite charitable organizations.
If donors prepare a planned gift option now, they will know their favorite charities are receiving the benefits. They can also suggest ways the charity can use the gift. Donors will have peace of mind knowing the legacy will continue after their death, and they will know this gift will lessen the financial burden on family members in the future.
A planned gift can start a tradition of philanthropy in a family. Relatives might also want to leave a portion of their assets to benefit their favorite charitable organizations. They will pass their generosity of giving on to future family members. Planned gifts also give charitable organizations the opportunity to offer better services to the community. An estate planning attorney can often be of assistance to potential donors in suggesting the appropriate vehicle to use in this regard and then preparing the appropriate documents to be used as part of an overall plan.