For many, philanthropy and charitable giving is an important part of their life. For these philanthropic individuals, it is common to leave assets at the time of their death in order to continue the legacy. However, at the same time, it is still important to minimize their tax burden both during their life and for their family after their passing. Utilizing a planned gift is a great option. A Houston planned giving strategy allows individuals to make larger gifts to charitable organizations than they would be able to from their ordinary income.
By definition, a planned gift is any major donation to a non-profit made during a person’s lifetime or at their death as a part of the person’s estate planning. These gifts include life insurance, real estate, personal property, and cash.