There is a wealth of options available when considering different ways to support the organization you love. Sometimes it can be hard to know where to start! Depending on your situation, certain giving options may make more sense for you than others.

Here is a categorized listing of common questions about the estate planning and planned giving processes that can help you get started.

Can I get a tax benefit now for gifts given at my death?

Varies by country

You can receive tax deductions for end-of-life gifts as long as the ownership of the money or asset is transferred to the organization you support. 

Many choose to do this through charitable gift annuities or charitable remainder trusts, because you receive a tax deduction right away even though the gift isn’t given to the charity until you pass away. You can also receive income streams from these types of gifts. 

You can also up a life insurance policy owned by the organization and also listing the organization as the beneficiary. You, however, are the one who is covered through the policy and the one who pays the premiums. This is a way to leverage your charitable gift so it is affordable during your lifetime and benefits the charity significantly even after you’re gone.

What are the different kinds of powers of attorney?

Varies by country

Durable general power of attorney is a comprehensive designation that gives someone you trust the right to sign documents, pay bills, and conduct financial transactions on your behalf. This power of attorney can be springing, or become effective at a certain time or at a time you are declared incapacitated.

Durable medical power of attorney allows the one you designate to sign medical papers and request or decline procedures. This is an important part of drafting a “living will,” or a declaration of your wishes should you become incapacitated while still living. You want someone who knows you, your priorities and your values to be making these important decisions.