Submitted by Nervous on Mon, 11/02/2009 - 11:43
I own a piece of land in Western MA that is fairly valuable and I'd like to leave it to my favorite charity (a cancer research group). I thought I might do the same thing with my car. How would that work? Thank you.
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Editor's Response
Yes, there are certainly many planning techniques you can use to leave assets to charities. You or your attorney can do some research to make sure the charity is set up to accept the type of gift you have in mind and to determine whether it might prefer that the assets or property be liquidated by your estate or trustee before the charity receives it.
In answer to your question about how to do it, depending on your goals and the complexity of your estate, the actual gift would be made in your will or your trust. Estate planning attorneys love trusts, primarily because they are such useful and flexible planning tools. So, no worries, all of these issues can be planned for. Proper planning can also help your estate and/or your heirs save money on taxes, such as any capital gains taxes that might be due on the real estate you mentioned. If you do not have one already, I encourage you to find a MA estate planning attorney who can help you establish a plan that will allow your favorite charity to maximize the benefit of your generous gift. Good luck.