Estate planning isn't just about handing down wealth to one's children. For many Georgia families, giving back to their community is an important component of the estate planning process. There are a number of ways to go about charitable contributions, but how those gifts are handled in wills and trusts matters. Making wise choices can save in taxes while also supporting the causes near and dear to one's heart.
Virtually all charities are equipped to handle cash donations, and these are usually the easiest gifts to set up and complete. However, there are advantages to structuring giving in other ways. With the right planning, it's possible to give real estate, valuable artwork and privately-held securities.
When considering those types of gifts, it's important to ensure that the intended recipient organization has the ability to accept and manage those types of assets. If not, the gift could end up being more of a burden than a windfall. A good way to approach this issue is to sit down with an attorney or financial planner who specializes in estate planning and determine which asset types are most beneficial to gift.
From that point, Georgia families can look for charitable organizations that align with their beliefs and values, but can also accept the type of gift being offered. That can be a win for everyone involved, and still meets the foundational goal of passing down wealth to an organization that does good work in the world. It simply takes a degree of planning and care to accomplish those goals, whether through wills, trusts or another form of giving.