When most people hear the words “planned giving,” their eyes glaze over.
In the over-50 population, there’s a general lack of awareness and understanding about the concept. This is too bad, because with the collective wealth of baby boomers, their planned gifts can have significant social impact.
Planned giving is the process of making a sizable charitable gift either during a donor’s life or at their death as part of their financial or estate plan.
So, what does designating a charitable gift in a will or an estate plan entail?
Well, first and foremost, it requires thinking about one’s death—an uncomfortable topic for many people and downright taboo in some cultures.
The process of making a planned gift may also conjure up complex financial and technical legal protocols. That’s why many people turn to an estate planning attorney when contemplating distribution of their assets.