A new study has found that baby boomers are nearly twice as likely to make charitable gifts as the next most likely generation. Since boomers are responsible for 43 percent of charitable giving, it is safe to say that there are likely many people between the ages 49 and 67 in Socorro who are interested in giving to charities and nonprofits. Unfortunately, not everyone in that age group, or really any age group, can afford to give.
So, instead of giving now, many people in Texas have turned to estate planning as a way to have enough money while still alive, but be able to give to important organizations after they are dead. By either leaving a nonprofit or charity money in a will or creating a trust that can give to organizations on an individual’s behalf, estate planning is an important charitable giving tool for any generation.
Many people in younger generations may not think they need a will or an estate plan, believing that it will be quite a while before they die or that their estate is so minimal that there is no point. This kind of thinking, however, means many younger people die without ever creating a plan for how they’d like their estate divided. Fortunately, baby boomers are getting older and recognizing the need to carefully plan for the ends of their lives.
Many people in Texas recognize the importance of charitable giving and want to do what they can for the organizations that are closest to them. At the same time, they may not be able to give right now, preferring to give through a will or trust.
Source:Forbes, “Charitable Giving: Baby Boomers Donate More, Study Shows,” Deborah Jacobs, Aug. 8, 2013
