When putting together your estate plan, you may want to consider making a bequest to charity. The vast majority of people leave all of their assets to their children when they pass away. The desire to provide for one’s children is understandable and universal. However, carving out a small amount for charity can make a significant impact for the greater good.
Let’s say your entire estate (including real estate, bank accounts, retirement accounts, and life insurance proceeds, etc.) amounts to one million dollars. If you leave five percent of your estate to charity, that would give your charity of choice $50,000 to work with. A tremendous amount of good can be done with $50,000. For example, imagine how many meals can be provided to hungry children with that amount of money. And your children are not likely to feel a significant impact by having received an inheritance of $950,000 versus $1,000,000. In addition to the monetary wealth you would be leaving behind, you would be leaving a beautiful legacy of philanthropy to your children.
Most of us cannot afford to make a significant contribution to charity during our lifetimes, but can afford to make a significant impact for the greater good by making a bequest to charity through our estate plans. Remember, whatever you give to charity counts. It is not all or nothing. Even if you feel that you cannot give a significant portion of your estate to charity, you can include a relatively small bequest of say $500 to charity in your estate plan. It all adds up and it is all worthwhile and meaningful.
For more information about Lisa S. Golshani’s services, call 661-362-0770.