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.
One way to pass on wealth to charities is by specifically designating gifts within a will. Be clear about exactly how much is to go to each charitable organization. If the assets are complex, such as donating art or stocks, then additional provisions may be necessary. It’s also helpful to share your plans with children and other heirs so that there are no surprises when the time comes to put those plans into action.
Another option is to create a charitable trust. These trusts serve as powerful estate planning tools. Not only do they ensure that one’s wishes are carried out, they also provide excellent tax benefits. Working with an estate planning attorney can make it easier to create a structure that best meets one’s needs.
It’s also important for Georgia families to pass down not only wealth, but the values related to charitable giving. Contributing to worthy causes should be something that occurs throughout life, and in many different ways. Bringing family members along to volunteer, plan events, and see the results of sizable donations helps to create a sense of pride. Inspiring loved ones to value charitable work can be just as rewarding as the terms spelled out in wills and trusts.
Source: CNBC, “What you don’t know about estate planning will cost you“, Ted Snow, April 25, 2018