Will planning can also be a way to give to a charitable cause you care about, like First Liberty Institute! In fact, it is the most popular way to leave a legacy.
1) A residuary gift: The residuary is the remainder of your estate after everything else has been taken care of. You can leave FLI a specific percentage of your residuary estate, for example. Most attorneys agree a residuary gift is the best way to include a charity in your Will.
2) A specific gift: You can leave FLI a specific item, such as stock or real estate, or a specific amount of money.
3) An unrestricted gift: Giving unrestricted means that the charity gets to decide how the money is used when it is gifted to them. In the case of FLI, cases and causes change over time, so this would be a sure way to guarantee your contribution goes toward the most urgent need when the gift is made.
Here are some resources to help get you started.
Everyone should have a Will. Even if you think your circumstances are simple it is a worthy investment to make settling your estate much easier for your heirs. If you don’t have an attorney, we can help you find one! If you already have an attorney and decide to include FLI in your Will, we can provide to you all the information you will need to take to your attorney to ensure that FLI is properly identified.
Learn more about philanthropic giving in your Will by reading this Forbes article, this Trust & Will article, or this LawDepot article. They go into further detail if this is something you are interested in.
If you do decide to include FLI in your Will, please let us know! We would love to talk to you about your gift and make sure we properly thank you for your generosity.
For more information about how you can enjoy the special tax benefits of the CARES Act by giving to FLI, contact your tax advisor or feel free to contact Trey Dimsdale, an FLI attorney who manages our legacy giving initiative.
* First Liberty does not provide estate planning or tax advice, and assumes no responsibility for the suitability to your situation of tax planning techniques referenced here. To reach your philanthropic goals, you should seek advice from estate planning professionals concerning your individual situation.