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Charitable giving as part of estate planning

On Behalf of | May 3, 2017 | Estate Taxes

When Georgia residents consider writing a will, they are often concerned with ensuring that their loved ones are provided for, that minor children will be taken care of, and that their end-of-life medical decisions will be respected. One area that is sometimes neglected is that of charitable giving.

Many people have strong feelings and convictions about a variety of social and cultural issues. While they may make contributions to charities and other nonprofit organizations while they are alive, charitable giving as part of one’s estate plan is often not a consideration. This is unfortunate, because there may be ways that individuals and couples can use charitable giving as a way to not only help fund necessary causes and organizations but to also protect their assets before and after death.

In fact, a survey showed that just over half of individuals who seek financial advice discuss philanthropic giving with their financial advisers. Not receiving professional advice may actually undermine the good intentions of these individuals and couples during the estate planning process.

Those who are in the process of writing a will may want to take some time to consider their values when deciding on which charities, organizations and causes they wish to support. From there, they may be able to work with financial professionals to develop ways to maximize the value of their contributions. In many cases, it may also be to the benefit of the individual or couple to speak with an experienced attorney who can make recommendations regarding financial decisions, including charitable donations, that become part of an estate plan.