Tax-Smart Gifts for the Future
Discover how you can make a lasting impact with your assets, supporting causes you care about while providing for your loved ones. Explore Wills & Trusts and Beneficiary Designations to find the right path for your future.
Explore your planned giving options
Understand the core differences and benefits of Wills & Trusts
versus Beneficiary Designations to secure your legacy effectively.
Wills and trusts
Comprehensive legal documents defining asset distribution and care for dependents.
Key benefits:
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Legal control over asset distribution
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Designate guardians for minors
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Avoid probate with a trust
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Establish charitable gifts
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Short steps:
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Consult with an attorney specializing in estate planning to discuss wishes and options.
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Draft your Will or Trust documents, detailing beneficiaries, assets, and specific instructions.
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Execute the documents by signing them in the presence of witnesses and/or a notary, as required by law.
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Review your documents periodically, especially after major life events, to ensure they remain current.
Beneficiary designations
Directly name beneficiaries for specific assets like retirement accounts and life insurance.
Key benefits:
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Simple and straightforward process
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Avoids probate for designated assets
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Flexible and easy to update as circumstances change
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Distribute assets quickly and directly to beneficiaries
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Short steps:
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Identify eligible assets such as life insurance policies, retirement accounts (401k, IRA), or annuities.
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Complete the specific beneficiary designation forms provided by each account custodian..
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Submit the completed forms to the respective financial institutions or custodians.
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Keep records updated and review designations regularly, particularly after significant life events.
How planned giving works
1
Understand your options
Learn about the different planned giving vehicles like Wills, Trusts, and Beneficiary Designations to determine what best aligns with your financial goals and philanthropic vision.
2
Consult an expert
Work with experienced financial advisors and legal professionals to craft a personalized plan that reflects your unique wishes, maximizes your impact, and navigates legal requirements.
3
Formalize your plan
Execute the necessary legal documents, such as your Will or Trust, or update beneficiary forms for your assets to legally secure your future giving and provide for your loved ones.
4
Review and update
Life circumstances change. Periodically review your planned giving strategy with your advisors to ensure it remains current, effective, and truly reflects your evolving intentions.