Using Philanthropic Giving in Your Estate Plan
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Philanthropic giving allows you to make an impact by donating to organizations that reflect your values and support your causes. If you want to include philanthropic giving in your estate plan, there are many common ways. Let’s break down how you can do it. A financial advisor can help you incorporate charitable giving into your estate plan.
What Is philanthropic giving?
Philanthropic giving involves giving time or money to a cause that furthers the good of society. The concept dates all the way back to early Greece. Volunteering at your favorite local charity is one way to practice philanthropy. But when it comes to your estate plan, philanthropic giving refers to financial donations.
How to include philanthropic giving in your estate plan
There are several ways to include philanthropic giving in your estate plan. Five common options include:
Will. This legal document details your final wishes. Generally, it includes what to do with your possession when you are gone. Within your will, you can outline specific charitable donations.