VanNess & VanNess, P.A.

Advantages of planned giving

Florida residents who are creating an estate plan might want to consider a planned gift. Planned giving refers to making charitable donations, and it offers a number of benefits to various parties.

Tax benefits are one advantage. Options include charitable reminder trusts, charitable gift annuities and IRA charitable rollovers. These may offer financial benefits in both the present and the future by giving people tax deductions or other advantages and then later reducing how much tax beneficiaries will have to pay. There are also benefits to setting up the plan and starting to see the advantages immediately. A charitable giving plan can benefit the individual doing the giving as well as the community at large. Furthermore, setting up the plan can improve communication with beneficiaries who will have a clear idea of how assets will be allocated. This also allows the people creating the estate plan to sit down with beneficiaries and organization and discuss their needs and how asset allocation can benefit them.

Planned giving also establishes a philanthropic legacy. It can be an opportunity for a family to demonstrate their values to loved ones and for the next generation to continue a family tradition of philanthropy.

The opportunities offered by planned giving are one of a number of reasons that a person should not procrastinate on estate planning. This can feel like an uncomfortable topic, but openly discussing it with loved ones reduces the likelihood of misunderstandings or challenges. It can also establish the estate plan as a dynamic thing rather than a fixed set of documents. The problem with the latter approach is that it does not recognize that an estate plan needs to change as a person's assets and family situation changes. For example, events such as marriages or births may necessitate an update. An attorney can often assist in this type of a review.

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