Leading Attorney Michael T. Huguelet Clarifies How To Structure A Will Geared To Charitable Giving - Orland Park, IL
Jan 30, 2024
Top estate planning attorney Michael T. Huguelet founder of the Orland Park Law Office of Michael T. Huguelet, P.C emphasizes the significance of philanthropy in estate planning, highlighting the opportunity to leave a lasting impact through probate. For more information please visit https://www.hugueletlaw.com
Orland Park, Illinois, United States - January 30, 2024 —
Donating to a favorite cause, campaign or charity in which an individual believes can be completed either during lifetime or after they have passed on, Michael T. Huguelet disclosed in an enlightening interview on how philanthropy can be achieved through effective estate planning.
For more information please visit https://www.hugueletlaw.com
While philanthropy has long been a driving force for positive change in society, only a few have grasped the synergy between probate and charitable giving as a powerful means of leaving a lasting legacy.
According to the Giving USA Foundation, charitable donations in the US have reached nearly $450 billion annually, the highest total since the organization first published its annual report. The largest source of charitable giving typically comes from individuals, followed by foundations, bequests and corporations
Huguelet explained that probate, the legal process for estate settlement, offers a unique opportunity for individuals to continue their philanthropic endeavors even beyond their lifetime.
The potential of philanthropic testamentary giving enables individuals to allocate a portion of their estate to charitable organizations and causes close to their hearts.
The first task he suggests is selecting the appropriate charitable beneficiaries and the most efficient vehicle involved in ensuring the timely and effective distribution of assets to these organizations.
“Philanthropic testamentary gifts also offer tax benefits and incentives,” he said. “The potential advantages include reduced estate taxes and deductions for charitable contributions, which can maximize the philanthropic impact of an estate.”
He advised that crafting testamentary philanthropic giving requires careful planning and legal expertise and underscored the importance of consulting an estate planning attorney specializing in probate and charitable giving.
There are numerous ways to explore charitable giving. A bequest, for example, is a written statement in a Will or Living Trust directing specific assets or a percentage of a person’s estate to a charitable organization outright or for a restricted purpose.
Other ways, he added, could be pledges and deferred gifts, transferring appreciated tangible assets to a charity, giving gilts of publicly-traded securities, the transfer of restricted company stock or shares, or the designation of a charity as a partial or entire beneficiary of retirement plan assets.
He said a Charitable Lead Trust is an irrevocable trust that makes annual or more frequent payments to one or more charities for a charitable term. The charitable term can be a fixed number of years or it can be based on the lifetime of the donor or specific related individuals.
Huguelet said that before embarking on a charitable giving exercise, an individual needs to consider what cause they wish to donate to, such as medical research,etc; what specific beneficiary would benefit to further the cause; and, how best to actually make the gift, either as a one-off payment or over a period of time.
“A skilled estate planning attorney can design and implement a charitable plan that a person feels comfortable with and is part of their overall estate plan,” Huguelet concluded. “They are the ones best to seek advice from as the options on how to leave a legacy beyond your life are many and varied.”
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Contact Info:
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W 159th St, Orland Park, IL 60467, United States
Phone: 708-722-8442
Website: https://www.hugueletlaw.com
Release ID: 89119804
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