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Estate Plans and Charitable Giving: What You Need to Know

charitable giving with estate plans and estate planning what you need to know

When it comes to charitable giving, estate plans can be a great tool to get this done.

Since 2012, the Tuesday after Thanksgiving has become known as “Giving Tuesday.” The idea came about to counteract the spending of Black Friday and Cyber Monday with philanthropic giving to charities in need of support. While it started in the U.S., the idea has made its way to more than 70 countries. A recent study projects that “more than 1 in 3 Americans will give to a charitable cause this Giving Tuesday.”
https://www.lendingtree.com/debt-consolidation/charitable-donations-survey-study/

Without question, people are generous and do indeed love to give to charitable causes. So what does this have to do with your estate plan?

We see generosity on a regular basis with people giving to their spiritual homes – their churches, synagogues, temples, et al. What many people don’t realize is that giving can be part of their estate plans too!

Most people understand that they can leave their assets to their heirs, but they forget that they can also designate charitable giving through their estate plans as well.

Your generosity can be established during your lifetime through specific instructions in your estate plan as well as after your passing and beyond. Charitable Giving through your Estate Plan is a great way to give to a cause or multiple causes that are close to your heart and may also be tax deductible.

There are a variety of ways that you can establish charitable giving in your estate plan.

For instance, while you are alive, you can set up a charitable remainder trust, allowing you to make tax-free donations while also reducing your taxable income. You can also designate a charitable organization as a beneficiary in your IRA. In addition, you can leave property and stock.

If you would like to explore the various ways you can set up charitable giving through an estate plan, give us a call.

If you currently have an estate plan that you would like to revise to add charitable giving, we can help with that as well. Give my office a call at 404-370-0696 and let’s discuss the many ways you can establish the gift of a lifetime and beyond.

   

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

 
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