As we go into this Holiday Season, thankful for the blessings we have received and with love in our hearts for those less fortunate, please consider giving to local non-profit institutions if you are able to do so.
We are responsible in our time here on earth to act as good stewards of that which has been passed down to us. We have the ability to empower the causes we believe in to serve the people we care about, both while we are alive and even long after we are gone. Here are four ways you can give a gift to a non-profit or other charitable organization:
Inter Vivos Gift: An inter vivios gift is a gift you give while you are still alive. Inter vivos gifts are a great way to be able to witness the impact of your contribution on the lives of the people you are pouring into. Giving money, donating assets, and volunteering your time are all excellent ways you can give an inter vivos gift.
Specific Gift: A specific gift is a gift that is specifically named in an estate planning document like a Will or Trust, such as a sum of money, a valuable item, or a piece of land. If I were to leave the Gresham Senior Center a gift in my will of five thousand dollars, that would be a specific gift and has priority over other categories of gift.
Residual Gift: A residual gift is a good way to leave a percentage of an estate to a charity after all specific gifts have been given out. This can be understood as leaving a percentage to whatever is left over.
Contingent Gift: If everyone listed in your estate plan were gone, who would you want to receive your estate when you passed? If you don’t pick anybody, the government will step in to decide where your money should go, which may lead to unjust outcomes and support agendas you don’t believe in. Instead, you could nominate a non-profit as a contingent beneficiary so that no matter what, your hard-earned legacy goes to support the people and causes that you care about.
Talk to an Estate Planning attorney to discuss which of these strategies will best serve your goals and leave a legacy of blessings that will change lives forever, both now and in the future.