If you have never given much thought to charitable giving and estate planning, there are a few important questions to consider. First, do you have a will? According to a 2016 Gallup poll, fewer than half of Americans have one. Next, can you give away any money now? There are no limits on gifts to charity and gifts to family members do not generate tax repercussions as long as they fall below the annual exclusion threshold. Finally, what do you want to happen in the case of your incapacity? To what extent do you want physicians to go to save your life and is your family aware of your desires? Take the time to codify your preferences in a living will and via a medical power of attorney.
See Jonathan Clements, Giving Your Money Away When You Die: 10 Questions to Ask, MarketWatch, October 29, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
