When making a bequest, many people think that they are obligated to leave their entire estate to their heirs. When in fact, depending on tax laws, charitable bequests can reduce (or even eliminate) the amount of estate tax your beneficiaries will owe.

The next time you meet with your professional advisor and/or estate attorney, ask them how planned giving can benefit your successors. Their answers may surprise you because not all assets are treated equally when inherited. 

These experts can determine which of your assets are best suited to fund your philanthropy and which are better suited for family beneficiaries. There are many planned giving options available, especially if you want to know what to do with hard-to-value assets such as real estate or closely held stock. A planned gift can reduce income tax and avoid capital gains tax. It can also help you leave a legacy of philanthropic support to an organization close to your heart.

CFAAC can work with your financial advisor or attorney to help you develop the best plan as well as support the causes that mean the most to you throughout your lifetime and after you have passed. For more information, call us at 410.280.1102, ext. 102 or email amy@cfaac.org.