Multiple factors could motivate a Florida resident to include charitable donations in their estate plans. In addition to offering substantial tax savings, giving can support social progress. An estate owner might even create a philanthropic plan that forms a legacy across generations. To achieve the desired outcome, one needs to consider both their personal goals and the missions and capabilities of the recipients.
People typically support organizations with missions close to their hearts. A final donation at the end of life could memorialize a person’s longstanding passion for a specific cause or institution. Although gifts often take the form of cash, assets such as valuable art or real estate could also be given to charitable institutions. However, not all organizations can accept non-liquid donations.
However, such highly appreciated assets could generate large tax savings for some estates when given to charity. A financial adviser could help a client decide how to match charities with the types of assets to be donated. An adviser could also help an estate owner sort through donation vehicles like charitable lead trusts, charitable remainder trusts or private foundations.
A person might also want the services of an attorney during the estate planning process. An attorney could provide insights into tax laws and issues like protecting heirs from creditors. An estate owner might also ask an attorney to write all of the legal documents necessary to build an official estate plan. An attorney could strive to develop terms that clearly communicate the person’s final wishes and protect the estate plan from outside challenges.