Charitable Bequests in Wills and Trusts
The charitable bequest is the most common form of planned giving due to its simplicity and flexibility.
- How it Works: You designate a specific dollar amount, a percentage of your estate, or the remainder of assets to a charity in your will or revocable living trust.
- Tax Benefit: Bequests are fully deductible for federal estate tax purposes, with no limit on the deduction amount, which can significantly reduce the tax burden for heirs.
- Flexibility: You retain full control over your assets during your lifetime and can modify the bequest if your circumstances or priorities change.
