- Tip 1: Limit your choices. There are thousands of charities and nonprofit organizations out there serving numerous different causes. While all of these causes are worthy, that doesn’t mean you should feel obligated to donate to everybody. Choose a cause that is close to your heart or one that you would feel comfortable giving money to. In the end, there is only a limited amount you can do and choosing something that makes you happy will leave you feeling better about your estate plan.
- Tip 2: Be wary of celebrity causes. While most charities are probably run properly and serve a worthy goal, some charities are notoriously disreputable. For example, the now defunct charitable foundation founded by hip-hop musician Kanye West reported that though it had almost $600,000 in expenses in 2010, it gave out exactly $0 in contributions, gifts, and grants. Always research any potential charity before you decide to name it as a beneficiary of your estate.
- Tip 3: Create your own. It’s very possible that the causes you care about the most are not covered by single charity, or even a group of them. In some situations you may want to create your own charitable trust or nonprofit organization. Though this often involves considerably more effort than simply donating money, it is not as difficult as you may think, so you should speak to your estate planning attorney for more information about this process.
Latest posts by Raymond German, Estate Planning Attorney (see all)
- 10 Things to Do When an Elderly Parent Gets a Terminal Diagnosis - October 4, 2022
- Updating Your Life Insurance - September 29, 2022
- What’s Estate Planning Got to do with Interest Rates – Part II - September 27, 2022