Georgia residents who are planning on making a gift after they die may benefit as much or more by doing it while still alive. One reason to consider giving a planned gift prior to death is to witness the joy and adoration that is showered upon the giver by the recipient of the money or assets. Another good reason to make the gift while still alive is to ensure that it gets made properly.
It may be advisable to meet with intended beneficiaries to determine their needs prior to designing the gift. This may make it easier to provide something that will best meet their needs while also making it easier for the giver to remain financially secure during life. Making a gift during life may also have some tax implications as well. Using an IRA charitable rollover or a charitable annuity may reduce estate taxes.
It may also provide benefits to heirs and others who may stand to benefit from the gift. Finally, making a gift prior to passing may help to inspire others to be more charitable with their wealth. Parents or grandparents may want to set an example for their children or grandchildren by giving to those in need. It may also cement a legacy for an individual as a philanthropist.
The use of wills, charitable trusts and other estate planning tools may help to reduce estate taxes or otherwise meet a person’s estate planning needs. Making a planned gift may help those in need today while also helping family members and others in the future as well. People who are considering doing so might want to discuss the timing and other details with an attorney.