Washington Trust partnered with Cascade PBS to present an Estate Planning Education series featuring insights from our experienced advisors on estate planning and charitable giving. For those interested in legacy planning, Matt Tilghman-Havens, SVP / Director of Wealth Strategy, Joey Robinson, VP / Senior Client Portfolio Manager, and Dawn Spratley, VP / Senior Trust Officer, demystify the complexities of managing wealth, ensuring assets are distributed according to your wishes, and supporting the causes you care about.
Making charitable gifts of appreciated stock.
Legacy planning allows you to transfer both assets and personal values in a tax-efficient manner. By contributing stocks that have increased in value, you can avoid capital gains taxes and provide more substantial support to you chosen organizations. This strategy not only benefits the charity but also maximizes the your tax advantages.
Utilizing required minimum distributions (RMDs) for charitable giving.
If you have a retirement account, understanding how required minimum distributions (RMDs) can support charitable endeavors is crucial. If you’re aged 70½ or older, you can make qualified charitable distributions (QCDs) directly from your IRAs to eligible charities. These distributions can satisfy RMD requirements and exclude the donated amount from taxable income, offering a tax-efficient way to support your favorite causes.
Establishing charitable trusts for combined giving.
Balancing the desire to give to both family and charity, both now and in the future, can be achieved through setting up a charitable trust. This process doesn't have to be complicated. A charitable trust allows you to allocate assets to family members while also committing funds to charitable organizations, providing flexibility and potential tax benefits.
Navigating estate planning with confidence.
Estate planning can be overwhelming due to the numerous variables involved. Thoughtful planning and active communication with a wealth advisor can provide clarity and ease during uncertain times. By collaborating with professionals, you can develop comprehensive estate plans that address your unique needs and goals.
Preparing for market volatility in estate planning.
While predicting market volatility is challenging, preparing for it within the estate planning process is essential. The right wealth advisor can help identify potential risks and opportunities, ensuring your estate plan remains robust amidst market fluctuations. Proactive planning can safeguard your assets and uphold your financial objectives.
Crafting a comprehensive estate plan.
Building an estate plan involves considering various tools and strategies to meet your investment and giving goals. Additionally, as retirement approaches, estate planning becomes increasingly important. A knowledgeable wealth advisor can provide key insights into crafting a plan that aligns with your aspirations, ensuring your wealth benefits both your family and the causes you support.
Establishing an estate plan: importance and benefits.
Crafting a thorough estate plan allows you and your loved ones to focus on what matters most at the end of life and beyond. A comprehensive plan makes your wishes clear and directs your assets to support the people and organizations that mean the most to you.
There are three primary reasons for developing an estate plan:
- Control: Ensuring your assets are distributed according to your wishes.
- Protection: Safeguarding your family's financial future.
- Legacy: Supporting the causes and institutions that matter to you.
Final thoughts.
Estate planning and charitable giving are powerful tools to protect your wealth, provide for loved ones, and support meaningful causes. By leveraging strategies such as donating appreciated stock, utilizing RMDs for charitable giving, and establishing trusts, you can maximize both your financial and philanthropic impact. Start planning today to secure your future and make a lasting difference.