Creating a planned giving program


All throughout North Carolina, there are hundreds of worthy charities and organizations that could use financial assistance. Some of these organizations might be near and dear to your heart, and you may want to support them even after your passing.

As part of an estate planning strategy, it may be worth considering establishing a planned giving program. By doing so, you can ensure that the causes and organizations that mean the most to you continue to receive aid for years to come.

Reasons to set up a planned giving program

One of the most popular reasons for creating a planned giving program is financial uncertainty during life. You may wish to support a cause or causes, but there’s no way of predicting how your life will go or how much money you might need to live securely and comfortably. Setting up a planned giving program allows you to maintain control over your finances if needed but then give support to those beneficiaries once it’s clear you’ll no longer need the assets in question.

Similarly, you may hold the majority of your net worth within non-cash assets that you’re currently using. A prominent example of this might be a house or other real estate, or perhaps a life insurance policy. Again, a planned giving program might be your best option.

Considerations for a planned giving program

Once you decide to create a planned giving program, you’ll need to work out the details with expert advisors to make sure your estate is structured properly. You’ll want to make sure your donations count for as much as possible, and that means taking into account tax implications and similar factors.

A wide range of complex estate planning structures (CGAs, CRUTs, CRATs and CLATs) exist, but you don’t necessarily need anything elaborate. The key is to sit down with someone knowledgeable and trustworthy and communicate your wishes clearly.

Creating a planned giving program is a wonderful way to ensure your legacy endures after your passing. But to make sure your assets are efficiently donated to the organizations you support, a little advance planning is crucial.