The holidays have long been considered the season of giving. People give to charitable organizations that they believe need their funds. However, between 80 and 90 percent of people who give to charitable organizations during their lifetime, fail to leave a legacy to any charitable organization after they pass. However, with the right long term planning, Michigan residents will be able to secure the future of their families and the charities they have supported during their lifetime.
Many people may be worried that they cannot afford to take care of their families and leave a legacy to charitable organizations. However, according to one report, the median income for a person to do both is only $67,780. Therefore, this type of charitable gifting is not only left to the super wealthy, but it attainable for middle class people. Experts from at least one Michigan organization — The Planned Giving Roundtable of Southeast Michigan — stress how important this gifting is to the organizations that people support during their lifetimes.
With the help of proper estate planning, people of all income levels can secure the future of their families and protect their assets. Estate planning documents can be used to help people with their long term planning needs on a variety of different issues — including Medicare and other government benefits.
If the right plan is in place, people will be able to enjoy their retirement knowing that not only are their needs are going to be met, but that they can also leave some assets to their families and — if they choose — to their favorite charities.
Source: WJBK, “You don’t have to be rich to leave an estate gift,” Dec. 10, 2013