I had the pleasure of meeting and talking with Nicole of the American Cancer Society (“ACS”). I knew they did great things, but after my conversation, I was breathless. What ACS does in terms of cancer research is phenomenal, but what ACS does for the individual and their families who are struggling through the disease is beyond description. From providing housing, to helping navigate through the hospitals corridors, to providing counseling services, ACS does so much!
What really hit home is the reliance ACS, and all of your favorite charities, has on all of us. And what you are able to give each year is fantastic, and very much appreciated. However, as Nicole pointed out, that giving stops when you pass away.
And in the majority of estates that I have planned for, there is nothing that ends up with your charities. It seems that when it comes to beneficial distributions at one’s death, people would rather the funds, no matter how big or how small, go to their second cousin, once removed.
What is your legacy?
Let me give you an example. Joe and Mary Smith have a modest estate of $400,000. They have two children, and a couple grandchildren. The children are doing well (they are no Bill Gates, but they are comfortable). The Smith’s estate plan is typical: Upon the second death, they will split the $400,000 between their two children. This is a nice gift.
However, if they had left 10% to the American Cancer Society, and then gave their two children 45% each, the impact on the benefits to their kids is minimal (they would get $180,000, rather than $200,000), but now the $40,000 to ACS can make a real impact on real people’s lives. They have now made a difference. They have now made a legacy – one which their entire family can be proud!
What can you do? You can think about your favorite charity – the ones that you support today, or the ones that you feel really make a difference. Then come in and talk with one of our estate planning attorneys to discuss the best ways to achieve the creation of your legacy.
Call us today!
Contributed by MH Albuquerque, Santa Fe and Las Cruces Estate Planning Attorney, James P. Plitz.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
- Planning for your frequent flyer miles.How Anthony Bourdain did it. - July 11, 2018
- Traveling – Plan for Your Destination! - June 27, 2016
- Happy 100th Birthday to the Federal Estate Tax - June 22, 2016