Although it is important to enjoy life, it is also important to consider what type of legacy one will leave after eventually passing away. Essentially, this means considering how one will be remembered. In Florida, many people do this through philanthropic endeavors via giving their assets to various charitable organizations. However, it is important to do this strategically through estate planning.
One of the first things a person should think about when planning philanthropic giving is what one’s vision actually is. This means thinking about what goals one wishes to accomplish. With thousands of charitable causes and organizations to give to, this will help to narrow down one’s choices. It may also be a good idea to communicate one’s wishes and vision to heirs in order to ensure they adhere to one’s wishes during administration of the estate.
The timing of one’s giving should also be considered, since tax considerations are different depending upon when one gives philanthropically. Another aspect which is essential to consider is how much cash flow one may need during retirement years. These considerations will influence one’s decision about whether to give money or other types of assets before one’s death or after. Some people may even choose to give both before and after one’s death.
However, one should be familiar with applicable tax laws and how they apply to estate planning when making these decisions in Florida or in any other state. Proper planning for philanthropic giving can help save money by avoiding tax liabilities. This will ensure that all of one’s intended assets and money are fully used to fulfill one’s philanthropic vision.