If you’re passionate about charitable causes, have you considered how you can continue to support your philanthropic vision beyond your lifetime, and share it through the legacy of your family? Beyond volunteerism and annual giving, there are several steps you can take to incorporate charitable giving into a long-term plan.
First, determine which causes you want to support over the long term. This can be a relatively easy decision if you or your family members are particularly interested in a specific charity or charitable purpose.
Next, determine what you can give. Much like your annual giving is based on your annual income, your long-term giving may be tied to your overall net worth or a specific asset. While cash is an easy way to give, there may be tax advantages to using other types of property, such as appreciated assets or an IRA. Giving non-cash assets can be complex, so you’ll want to work with expert advisors to make sure your plan is structured properly.
Finally, you’ll want to consider the different vehicles available to institute your giving plan, and to weigh the advantages and disadvantages of each:
| Structure | Advantages | Disadvantages |
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| Donor Advised Fund |
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| Restricted Gifts |
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| Charitable Trusts |
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| Outright Gift or Bequest |
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Choosing the right estate planning vehicle for your long-term giving can allow your philanthropic passions to extend beyond your lifetime, continuing your legacy for generations. By working with advisors, you can be confident your charitable giving is optimized for your situation.
