In addition to filling an important role in providing for the future financial security of your family and others, your will or living trust can offer a way to make thoughtful, charitable gifts as part of your long-range estate plan.
A charitable gift requires a simple provision or amendment prepared by your attorney at the time you make or update your will or trust. Gifts included in wills and living trusts are popular because they are flexible, easy to arrange, and may be changed throughout your lifetime.
Ways to Give through Wills and Trusts
- Make a gift of a specific amount. A gift of a particular amount may be designated for general use or to fund a special need.
- Provide for a gift of a particular property. Real estate, stocks, and other items of value are examples of properties that can be used to fund charitable bequests.
- Designate that a percentage of your estate be given to the Orleans Conservation Trust through your will or living trust.
- Give the remainder, or residue, of your estate—that is, what remains after all other bequests to friends and loved ones are satisfied.
- Name charitable interests to receive a bequest in the event other heirs are not there to receive their legacies.
There is no limit on the deduction from federal gift and estate taxes for charitable gifts made by will or trust, so no tax will be due on any gifted assets. To plan a charitable bequest, inform your attorney of your wishes and ask for his or her advice regarding the best method to employ.
If you are interested in remembering the Orleans Conservation Trust in your will or living trust, your questions can be directed to OCT Director, Stephen O’Grady, at 508-255-0183, or via email at email@example.com.