Wisconsin residents may have many reasons to give planned gifts prior to passing away. This may be beneficial for those who are looking to minimize their tax burden and the one that their heirs may face. For instance, it may be a good idea to create a charitable gift annuity or a charitable remainder trust as they may provide individuals with tax relief right away.
Planning to make a gift now may make it easier to ensure that assets go where they are supposed to. It may also make it possible to tailor the terms of the gift in a way that provides maximum benefit to the recipient. Creating a plan now may also give heirs and other family members peace of mind that comes with knowing exactly how assets will be allocated. Planning prior to death makes it possible to give heirs what they want instead of what an individual assumes that heirs may want.
It may also provide an individual with the opportunity to witness the praise given for the gift. Leaving a planned gift may also make it easier to cement a legacy of giving that may have been cultivated over a lifetime. For those who have made giving a priority, such a gesture may inspire their children or others to make giving a priority as well.
Taking assets out of an estate prior to passing away may be an ideal probate avoidance strategy. Using a charitable trust or any other type of trust may also be an ideal way to avoid probate and make it easier to transfer assets upon death. An attorney can help create estate plan documents or review any that may currently exist to determine if they meet an individual’s interests.