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3 Important Questions When Preparing Your Estate Plan
Bob Hope was known for his wisecracks, but the comedian - who selflessly gave his time and talents over the decades to entertain American troops around the world - understood the intrinsic value of helping others. "If you haven't got any charity in your heart," he once said, "you've got the worst kind of heart trouble."
1. Have you spelled out your wishes in your will? You may have mentioned once in passing to one of your relatives that you would like a favorite charity to receive a certain amount; but unless your will makes that stipulation, it will not happen.
2. To whom should you make gifts? First, you will want to ensure that your loved ones are taken care of. Then you might think about where your time is now spent - with the organizations and interests that matter the most to you, such as your place of worship, a service organization or The Community Foundation for Greater New Haven. Charitable gifts reflect your values and identify the causes to which you were committed.
3. How much should you give? You might first calculate the amount by which your estate exceeds the total provisions intended for your loved ones. The excess could be the amount available for charitable gifts. As to which charities to benefit and how much to give to each, follow your heart. Whatever your choice, you may be surprised at how the mere act of making this decision and including it in your will lightens your step, makes the world seem friendlier and gives you peace of mind.
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