Can I include charitable giving in my estate plan?

21 Jun, 2019

On Behalf of Mack & Mack Attorneys | estate planning

An estate plan gives you a lot of control over what happens with your money and assets after you die in South Carolina. It lets you say what you want and the court upholds those wishes after your death. You have the opportunity to do whatever you want with your money and assets as log as you are competent and able to make such choices in South Carolina. One option you have is to leave money or property to a charity.

Fidelity does warn that when leaving money or assets to a charity that you do so carefully, being mindful of taxes and other expenses associated with probate. You want to be sure that you leave enough money to handle the expenses, so do not go overboard when leaving to charity.  At the same time, anything you leave to charity will not have a gift tax on it, so you will save a little money in that regard.

When leaving something to charity in your will or estate plan, you want to make sure to choose your charity with care as well. You can always use a donor-advised fund that will allow your giving to be done in a way that maximizes the gift you leave while accounting for taxes and fees. You can give straight to a charity, but you will need some financial advisement when it comes to the overall financial picture.

The last thing you want when giving to charity is to leave your heirs without a means to pay for expenses related to that giving. You also do not want to burden the charity with any expenses related to your gift. So, when giving to charity as part of your estate plan, do so carefully and with professional guidance. This information is for education and is not legal advice.

Talk to an Experienced Attorney Today