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Estate planning and philanthropy

Many Kent residents have a deep appreciation for the arts, religion and other non-profit organizations. These are values that they find important to support with their money and other gifts. Although many people think estate planning is about passing their assets on to their heirs, it can also be creating a legacy for years to come by passing assets on to a nonprofit organization.

Many Kent area residents give each year to charitable organizations. Many times it is because they are asked to give and the range of organizations can vary greatly in a family. From the arts, to health care, religion, animal causes and everything in between there seems to be a charity for anything a person can imagine. An estate plan is a wonderful way to plan out a person's deliberate charitable donations.

There are a few different trusts that a family could establish in order to give to a charity. One is a charitable lead trust. This type of trust is where a person pays a charitable organization during their lifetime. After they die the remainder of the assets in the trust are gifted to a beneficiary. Another type of trust is a charitable remainder trust. This is where a person receives payments during their lifetime from a trust and when they die the remainder of the trust goes to the charity.

If a family is interested in including charitable giving as part of their estate plan, a legal professional skilled in estate planning can help. An attorney has valuable experience creating wills and trusts for every family situation. They can advise their client on how they can ensure their legacy will continue far past when they die and help the organizations that they want to support.

Source:, "Charity," accessed on April 24, 2016

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