When you make a philanthropic bequest, it means that you’ve decided to leave money or assets to a nonprofit. You may add bequests to your last will, life insurance plan or trust. It’s also possible to contribute remaining cash from a retirement account to your favorite charity.

This type of gift enriches your values while offering important tax advantages. You can design and customize your bequests to ensure that your family still receive generous inheritances.

Benefits of Bequests

Charitable bequests empower you to donate your money to nonprofits and relatives rather than the IRS. Your estate may qualify for a substantial tax deduction. This method of giving enables you to be flexible without locking yourself into a fixed plan. You may change your decision at any time, and it’s feasible to adjust the donation amount based on available funding.

Things To Consider

Essentially, bequests give a fixed sum or asset, but customization is possible. For instance, you could donate a specific percentage of your assets. Residual bequests provide a more conservative solution. This method leaves the remaining balance of your estate to a charity after other needs have been met. A contingent bequest represents the most restrictive option. An executor will only transfer the assets under certain circumstances. For example, you might choose to leave your savings to a nonprofit if all of your family members have passed away before you.

Who Is It For?

Bequests can benefit people who desire a straightforward solution and prefer to retain assets during their retirement. You may also favor this option when you do not wish to commit yourself to giving a specific amount of money. In that case, you might prefer a Donor-Advised Fund if you’d like to help charities and reduce income taxes in the near future.

Pence Wealth Management recognizes the importance of philanthropy and its vital role in creating a better world. Our experienced advisors can help you set up a bequest that accommodates your specific financial situation and enables you to work towards meaningful philanthropic goals.

We also identify effective ways that seek to minimize taxation and make tax-free investments for charitable purposes. Please reach out to us today to discuss further.

Pence Wealth Management and LPL Financial do not provide legal or tax services. Please consult your legal advisor regarding your specific situation.


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