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Philanthropy and estate planning

On Behalf of | Oct 17, 2018 | Estate Planning

Many people in Ohio who are concerned about their legacy may have philanthropic goals that they want to see achieved while they are alive. They also want the right legal mechanisms in place to ensure that their philanthropic endeavors will continue after they die. With the assistance of an estate planning attorney or a financial advisor, individuals can create an estate plan that addresses their charitable giving goals.

Pinpointing which issues that are meaningful to them and their family is the first step individuals should take. If they have given to charitable organizations in the past, a review of those donations can be helpful with determining where their focus should be.

It is important for individuals who want to incorporate philanthropy into their estate plan to determine what types of issues in their community move them to give. Another factor to consider is how they wish to be remembered after they die. These factors and more can be used to help individuals narrow down their values, passions and priorities to decide exactly what goals they want to achieve with the giving strategy in their estate plan.

Another important part of having a successful philanthropic strategy in an estate plan is determining which assets should be used for philanthropic purposes. Cash is usually an acceptable form of donation, but there may be some charities that can accept other physical and financial assets, like real estate properties, art work or privately owned securities.

An attorney who offers estate planning services may assist clients with devising an estate plan that allows certain assets to be applied to philanthropic endeavors during and after the lifetime of the clients. Depending on the assets to be donated, the attorney might suggest certain legal devices. Assistance may be provided with drafting the provisions of charitable trusts.


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