As you start your estate-planning journey, it is time to think about the reputation that you want to leave behind. What is your legacy? You would not be alone if your Georgia estate plan involves giving back to charities or causes that you care for. When it comes to charitable giving, you can incorporate charities into your will.
According to Forbes, there are several ways that you can donate assets. You may choose to incorporate the charitable foundations into the will or you may want to set up a charitable lead trust. You can look into trusts and wills for your donations. Keep in mind that the choice often revolves around taxes. Some routes will have tax benefits.
During the estate planning process, you will have to sit down to decide which assets you plan to donate. In most cases, cash donations are the best and universal option. All charities accept cash. However, this does not have to be your only donation. Many charities will also accept other assets. Some may accept real estate or artwork. Choose your charity based on where your passions are. If you regularly give to charity, then you may want to look at the foundations you support most often.
When it comes to leaving assets to charity, you do have to consider the foundations. Some foundations are capable of accepting large donations. Others may not know how to accept gifts that are not stock or cash donations.
None of the above information is legal advice. This is simply educational information about charitable donations after death.
