People often set aside a sum of money to give away to a good cause when they are estate planning. Some consider donating money after they die to be a way of continuing their legacy. Sometimes when people amass a large amount of money over a lifetime, a sizable donation can make quite a difference. A recent contribution from the estate of actor Peter Falk is a good example.
The actor, best known for his Emmy-winning role as the detective Columbo, died last summer at the age of 83. Earlier this week, his estate made a donation in the amount of $3 million to the University of California, Los Angeles, to fund student scholarships.