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Are you considering leaving money to a charity or charities in your will? This can be a great way to leave a legacy while also saving your heirs quite a bit in estate taxes by reducing the size of your taxable estate. One thing to keep in mind, however, is that a gift today also automatically reduces your estate.
If your desire to reduce your estate by leaving money to a charity in your will is keeping you from making donations today, remember that you can also gain charitable tax benefits by making the gift now. If you are more concerned with saving money for your children or other heirs, a bequest in your will may be the best option. If you are in a financial situation that allows you to give now and in your will, you can realize tax benefits for yourself now and your heirs later.