When John recently lost his wife Betty to cancer, their children were surprised to find out that neither John nor Betty had life insurance. As a result, the children ended up paying the cost of the funeral, and John, currently on a fixed income, is left contemplating whether he can afford to stay in the home they had lived in for over 25 years.
For many, giving money to charity is a normal part of their lives. You may support an organization that you are actively involved with or that has touched your life. You may give to a school or university you attended, or simply may give to a cause that you feel passionate about. Whatever the reason, charitable giving not only offers emotional benefits, but practical ones as well.
There are many options available to individuals who have an interest in giving. You may want to make gifts throughout your life, taking pride in seeing the good that your gift provides to the cause or organization. Others may make the decision to make charitable donations after their death through instructions left in a will or a trust. Still another decision is how much to give during your lifetime or what to leave in your will or trust.
If you have made the decision to gift, either during lifetime or at death, it is recommended that you are either familiar with the organization or do research on the recipient to make sure that your intentions for your gift are met. It is also important that you communicate your intentions, both in your trust document or will, and to your trustee or executor so they know your intentions. It is also recommended to discuss your intentions with a qualified Estate Planning Attorney to ensure your intentions are properly documented.
Schedule an appointment with First National Trust & Wealth Management today. Every individual situation is different and we are here to answer your questions and help guide you through the planning process.
For more information on charitable giving, please contact us today.