Estate planning in Tennessee can include charitable giving ...

Charitable giving can be a major part of estate planning for Tennessee residents. The posthumous gift of a large sum to a charity can offer tax benefits to a person's surviving family. The gift can also help to provide needed funds for an organization important to the individual making the donation. Planned giving is a growing area of estate planning.

Americans donated more than $290 billion to charities in 2010, according to reports. A large part of these donations were made as part of estate planning efforts. The documents used to make those gifts can include wills, trusts and other directives in order to distribute an estate per the wishes of a deceased individual.

There are many factors for Tennessee residents to review when considering an end-of-life donation to a charity. Among the most important is the charity itself. Organizations exist that can help a person research a specific charity and its financial practices. This may help a person with estate planning as they decide which charity to benefit after death.

Officials suggest that it benefits a person to begin to consider charitable donations early rather than late in the estate planning process. Many Tennessee residents have favorite schools or institutions that have become important elements of their lives. Donations to these organizations as a part of end-of-life planning are less likely to be subject to will contests or litigation. This is because there may be less of a question as to influence on the donor. But whether the charitable organization is a favorite educational institution or other organization, the time taken to make the gift correctly will not only ensure that it happens but also potentially help to defray taxes and related estate expenses.

Source: Chicago Tribune, "What's the Best Way to Give Money to Charity?: As with other financial strategies, advanced planning is needed," David Francis, March 5, 2012

Source: http://www.tennesseeestateplanningblog.com/2012/03/estate-planning-in-tennessee-can-include-charitable-giving.shtml

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