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Balancing charitable giving with other goals in estate planning

One thing many individuals put a high priority on is supporting the charities they care about. When it comes to charitable giving, it can be important to go about such giving in a way that doesn't severely compromise the other important goals one has. 

One goal a poorly thought out giving strategy could potentially get in the way of is the goal of having a good retirement. Having a strong nest egg can play an important role in having the type of retirement one wants. Not exercising proper care when it comes to giving away assets, such as charitable giving, is one of the things a recent CNBC article identified as having the possibility to seriously endanger a retirement nest egg. It could result in a nest egg getting depleted too much or too early. 

Another type of goal that how a person acts when it comes to charitable giving could affect the person's ability to achieve are goals regarding providing financial support to friends and loved ones, such as goals regarding after-death gifts. 

Charitable giving is one of the goals a person may have for their estate plan. When a person is deciding what charitable giving mechanisms to include in their estate plan, it can be very important for them to carefully think about what other estate planning goals they have (such as giving to loved ones and nest egg protection) and what they feel is the right balance between charitable giving and these other goals. There are many different mechanisms that can be used for charitable giving in an estate plan. For example, there are multiple kinds of charitable giving trusts. Among the things that can impact what charitable-giving-related estate planning mechanisms would be best for a person is what sort of balance they want to strike between charitable giving and their other goals.

Estate planning can often be a balancing act between many important goals. Estate planning attorneys can help individuals with figuring out the right mixture of estate planning mechanisms for their estate plan given the goals they have and balance they want to strike.

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