Those who live in Georgia or any other state may want to give money to charity while alive or after passing. Charitable giving can be included in an estate plan, and the first step in doing so is to find a cause worth donating to. Individuals might want to consider giving to charities that they have donated to in the past when creating their plan. It could also be worthwhile to consider which issues are relevant to future generations.
The next step is to determine whether to donate cash or other assets such as real estate. As a general rule, it is best to donate assets that have appreciated in value since they were acquired. This may have the greatest impact on a potential income or estate tax bill.
The final step in making charitable donations is determining how to structure them. For instance, it could be possible to do so through a will, but it may make more sense to do so through a trust. Speaking with a financial adviser might provide insight into how a person can preserve his or her legacy while also doing what is best for his or her family. Donor-advised funds and community foundations could also be ideal methods for making charitable gifts as part of an estate plan.
Creating a will or trust can help a person create a legacy of giving for future generations to emulate. It might also help an individual make those gifts in a tax-efficient manner. An attorney may be able to help create estate plan documents in a manner that adheres to state and other applicable laws. He or she may also assist in making changes to existing documents in a manner to minimize the chances that a document is declared invalid.
