Below is an excerpt from an article posted in MyFoxDetroit regarding the including charitable giving in your will.
As we enter the season of giving, many people consider how year-end charitable donations can benefit their favorite nonprofits as well as their own income taxes.
More than 85 percent of Americans donate to charity while they are alive, but less than six percent leave an estate plan that benefits these same charities, according to the Partnership for Philanthropic Planning. Most people believe they do not have an “estate” large enough to create a legacy gift.
“It seems the word “impact” defines itself in the minds of many as something on the order of, just for example, $100,000,” explains Bill Winkler, Roundtable communications director. “We believe impact can be defined in many ways and want to change the prevailing view that it is something only the wealthy can do.”