A gift of any size would be greatly appreciated. A well-planned estate may be the best gift you leave your children. Without one, you cannot be sure that your estate will go to the people and charities you would choose. Furthermore, unless you have protected your assets from the impact of estate taxes, much of your estate will never pass to your heirs because of estate taxes. Estate taxes alone in some cases can consume a large portion or of your estate.
Estate planning can be a difficult process for some people.
The earlier you begin planning your estate, the more options you will have available. However whatever you do. Don't delay Our government acknowledges the importance of charitable contributions by Allowing these contributions to be deducted, within limits, for income,-and estate taxes purposes. If you satisfy certain requirements, the tax laws also allows you a deduction for contributions of property where trusts are used to split ownership interests between charitable and non charitable beneficiaries. Before the government started caring for the penurious and indisposed, individuals shouldered the burden.