How To Include Charitable Giving In Your Will

Source: arturmarciniecphotos

Creating a will is a perfect way to organize your estate and leave a lasting legacy behind. One way you can make an impact through your will is by giving to a cause you care about through your will.

Why Include Charitable Giving In Your Will?

Besides your friends and family, many of those in your community would appreciate your help.

Donating a part of your will to causes you care about is a chance to create a positive long-term impact in your community. While the average bequest falls between $37,000 and $78,360 even smaller donations can also make a huge impact. They can also provide financial benefits, such as lowering your tax burden or passive income.

How To Include Charitable Giving In Your Will

If you’re planning on including charitable giving in your will, here are the three main ways you can do it:

Bequests

Bequests are by far the easiest and most flexible ways to leave something to a nonprofit organization. When you organize your will, simply set aside however much you’d like to donate and any conditions you wish to add. Once the time comes, your will’s executor will distribute them to your chosen charity.

IRA Charitable Rollover

If you’re over 70 ½, you can transfer up to $100,000 of funds directly from your IRA to your favorite charities each year. This is what is referred to as an IRA Charitable Rollover. Using this option will also help you meet your required minimum distributions (RMDs), which reduces your overall tax burden while supporting a cause.

Charitable Gift Annuities

Charitable Gift Annuities offer a blend of tax relief and passive income. After you make your donation, the organization you choose will pay you a fixed amount for the rest of your life. This process is very similar to traditional annuities, which pay you regular dividends based on your investment.

Help Us Feed Hungry Families Across Long Island

There are thousands of families across Long Island that don’t have enough food each day. Our mission is to ensure each one of them has something nutritious to eat and educate our community about the consequences of hunger. Your donation will make a significant difference to those who need it. If you want to learn more about our organization or would like to make a donation, please contact us today.