You Can't Take it With You . . . Consider Charity in Your Final Plans
June 20, 2008
Gina M. Barry, Esq.
If you were able to donate a large sum of money to your favorite charity, to what charity would you give that money? Surely, a few favorite causes come to mind immediately. You might donate your money to an organization dedicated to finding a cure for an awful disease that has affected your life or the life of your loved ones. You might choose to benefit organizations that support and encourage positive growth in our youth, such as the local YMCA. You might be an animal lover and choose to support the local animal shelter or abuse prevention organization. Regardless of your choice, it is clear that most everyone has a cause that is near and dear to their heart.
Most people would love to support their favorite local charity, but they are concerned that if they are too generous, they may not be able to comfortably support themselves for the rest of their lifetime. Voltaire, a French Enlightenment writer and philosopher, once said that "the man who leaves money to charity in his Will is only giving away what no longer belongs to him." When you pass away, you no longer have any personal need for your money, so making charitable gifts when you pass away is a logical answer to this concern. If you are inclined toward charity, consider making charitable gifts that will take effect only when you have passed away. By doing so, you can ensure that your money will be available to you should you need it, but you can also support your favorite cause if you do not happen to spend all of your money prior to your passing.
When you make a gift to charity, especially of a significant sum, you can designate how and for what purpose the money is spent. As such, you can be certain that your money will be used...
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by: Gina M. Barry
BusinessWest
July 2008
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