A Living Will or Trust is a legal document that provides guidance on how you want your property and assets to be handled in the event of an emergency, disability, or death. The document can also provide guidance for how you would like any gifts made to charity during your lifetime to be distributed after your death. A Living Trust can help make sure that donations are used as intended by the donor. For example, if someone wishes to donate a large sum of money upon their passing but does not have a will specifying where it should go, then it could end up going into probate court and being used for other purposes than intended by the original owner. A Living Trust can also help you avoid or reduce the amount of taxes owed. For example, if a person has a large estate and is concerned about passing on too much to their children before they die, then they could leave assets from their estate outside of probate court by transferring it into a trust, which would allow them to avoid paying any taxes.
A Living Will or Trust is a great addition to your Planned Giving strategy, allowing you to make your wishes known while still having the peace of mind that it will be executed correctly.
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