Contact Us for a Free Consultation 570-468-7603


Making a Difference: Philanthropy in Estate Planning

Posted by Scott Lynett, Esq. | Mar 01, 2024 | 0 Comments

Today, let's talk about something near and dear to my heart: philanthropy in estate planning. Now, you might be wondering, "What does estate planning have to do with giving back?" Well, let me tell you – it's all about creating a lasting impact that extends far beyond our own lifetimes.

Picture this: you've worked hard, accumulated assets, and built a life you're proud of. But what happens to all of that when you're no longer around? That's where estate planning comes in. By incorporating philanthropy into your estate plan, you have the power to leave a meaningful legacy that benefits causes and organizations you care about deeply.

So, how can you make philanthropy a part of your estate plan? It's simpler than you might think. One popular option is to include charitable bequests in your will or trust, designating specific assets or a percentage of your estate to go to charitable organizations of your choice. This allows you to support causes that are important to you, whether it's education, healthcare, the environment, or beyond.

Another fantastic way to give back through your estate plan is by establishing a charitable trust. This allows you to set aside assets in a trust during your lifetime, with the income or principal going to charity either immediately or over time. Not only does this provide ongoing support for the causes you're passionate about, but it can also offer tax benefits and flexibility in how your charitable giving is structured.

And let's not forget about donor-advised funds, which are like charitable savings accounts that allow you to make contributions during your lifetime and recommend grants to your favorite charities over time. With a donor-advised fund, you retain advisory privileges over how the funds are distributed, giving you the opportunity to involve your family in philanthropy and pass down your values to future generations.

Now, you might be thinking, "But I'm not a millionaire – can I still make a difference?" Absolutely! Philanthropy is not just for the ultra-wealthy. Even modest estates can have a significant impact when it comes to giving back. Whether it's donating a portion of your retirement accounts, life insurance proceeds, or even personal belongings, every contribution counts and can make a difference in the lives of others.

In conclusion, philanthropy in estate planning is about more than just writing a check – it's about creating a legacy of generosity, compassion, and positive change that lives on long after we're gone. So, as you think about your own estate plan, I encourage you to consider how you can incorporate philanthropy into your legacy. Together, we can make the world a better place, one act of kindness at a time. If you're ready to take the next step and explore how you can make philanthropy a part of your estate plan, I invite you to schedule a free consultation with my office by clicking the link below.

About the Author


There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Contact Us Today

Legacy Planning is committed to answering your questions about Estate Planning issues in Scranton and Eastern Pennsylvania. We offer consultations and we'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.

By Phone Virtual