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Keep personal interests in mind during estate planning

Many Nevada residents have personal interest in organizations or charities in the area. Some people donate regularly throughout life to various groups and causes, so it's not surprising that individuals may want to continue their philanthropy even after death. When creating wills or doing estate planning, keep these interests in mind, and codify them. Sharing your interests with family and friends during life can also increase the likelihood that they will continue your legacy even beyond what you bequeath.

Children of the founder of Carnation Milk Products have continued their father's support of a university in Colorado throughout the years. According to reports, the family has provided support for the university's animal cancer center. The university states that support from the family dates back to 1983 and totals around $22 million.

The founder's heirs -- a brother and sister -- recently made a donation of $10 million to the center. According to the university, that amount almost doubles its total operational funds. The center studies cancer in animals, and its findings provide information for treating the disease in both pets and humans. A doctor with the center says the siblings' gift will sustain the work being done.

The sister reportedly told the university that she and her brother were motivated to provide the gift as a way to continue their father's support and work. She also noted that she has a golden retriever who is being treated at the center for a malignant tumor.

Individuals who want their legacy to continue after death should consult early with family members and explain the importance of such legacies. You should also use legal documents such as wills and trusts to ensure that your money is disbursed as you desire after death.

Source: The Coloradoan, "Carnation heirs donate $10M to CSU Animal Cancer Center" No author given, Jan. 29, 2014

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