FAQs about Probate
Pay It Forward
Last week, I was privileged to be one of the speakers for a comprehensive estate planning conference sponsored by Warner University. While many planning concepts were discussed, charitable giving and legacy planning was a prevalent theme.
Warner sponsors this conference annually to educate the public on various estate planning issues. Obviously, it is also desirable to remind people that institutions of higher learning thrive when people remember such institutions, like Warner, in their charitable giving.
I’m always astonished and appreciative of people that donate monies to educational institutions. While I used student loans to help finance my undergraduate education at Niagara University, and later my law school education at Vanderbilt University, I was blessed to be the recipient of a few scholarships. I can only imagine the price of my investment were it not for donors that made those scholarships available.
Once a month, I receive an alumni magazine from each of my two alma maters. It seems like each school is always making innovations and requesting donors to contribute to make these advancements happen. At this point in my life, where I am an expert in student loan repayment, I simply don’t have the resources to substantially donate to my alma maters.
However, I expect to be able to contribute more in the future and feel obligated to “pay it forward” for future students. After all, were it not for the considerate donors that made my educational experience more affordable, I may not be writing this article.
Reflect on the institutions of higher learning that have influenced your life. Please know that there are ways of donating monies that can provide substantial tax benefits. In addition, some people choose to include these institutions as part of their estate plan by naming them as heirs of their estate.
Perhaps you do not feel comfortable today making a sizeable donation and would be more comfortable contributing a percentage of your estate. Please know that there are tax advisors and knowledgeable estate planning attorneys that can assist you in charitable giving.
P.S. Thank you for the positive feedback on my last article; not to mention the many congratulations I received regarding the birth of my niece. Your warmth continues to remind me why I am blessed to call Lake Wales home.