Many Georgia families feel strongly about the many benefits of charitable giving. They give frequently throughout their lives, and also pass down wealth to favored charities through wills and other estate planning tools. There are several different ways for individuals and families to pursue charitable giving, and there is a solution that works best for virtually every set of needs.
How to incorporate charitable giving into wills
Family drama can complicate wills and trusts
Many wealthy families in Georgia and elsewhere are concerned about the hit that the estate tax might place on their inherited wealth. In reality, however, there's another concern that many estate planning experts say is far more likely to deplete those funds. When surviving family members fight over wills and other estate planning provisions, things can become very contentious and very expensive in a short period of time.
A qualified charitable contribution can help Medicare planning
As Georgia residents near retirement age, it's important to start thinking ahead about Medicare. Making the appropriate changes a few years in advance can maximize one's Medicare benefit when the time comes. One way to engage in active Medicare planning is to consider the role that a qualified charitable contribution could play in future finances.
Little physician oversight on home care planning
For individuals who require in-home care, depending on a strong system of physician oversight may not be the best way to ensure a positive outcome. According to data collected by Johns Hopkins University, many physicians who are tasked with reviewing home health care plans only spend around one minute reviewing those plans before signing off on them. This research underscores the importance of Georgia families engaging in strong care planning to ensure that loved ones are properly taken care of if and when the time comes.
Protect your disabled child with a special needs trust
As a parent of a disabled child, your estate planning needs involve special considerations, and these considerations often involve making arrangements for who is to care for your child once you are no longer able to do so yourself. As a special needs parent, you also must figure out how to support your child in the long-term financially, and one way to do so involves establishing a special needs trust.
