Now, What? Charitable Donations Through Planned Giving

Scenario:  “Well, she’s gone.  We were together 63 years, and now my wife is gone.  It wasn’t supposed to happen this way.  We buried both our children years ago.  They were supposed to survive us.  She was supposed to survive me.  We planned for the kids, and then we planned for her.  I am not supposed to be here.  Now, what?”

There is a saying about “the best laid plans” isn’t there?  I don’t know anyone whose life journey has been without mountains and valleys - crushed plans or fabulous surprises.  When seniors are left alone, truly alone, because of the death of children and a spouse, charitable giving can be one of a variety of options for transferring assets upon death.  Any property that is gifted to a charity is considered tax-exempt.   When working with seniors who have considerable wealth and no one in particular they would like to transfer it to, I always recommend that the senior seek the counsel of a certified public accountant to see how much they can possibly gift out during their own lives, and then come back to create an estate plan/gifting tool that can be enforced upon his/her death.  Most people, in the end, want to have some type of meaningful impact upon the people around them.  Charitable giving can be a way to do that for many.

Bell & Ingram, P.S.           (425) 258-6261