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For many, charitable giving is a core estate planning concern

As commentators in the area of estate planning routinely note, well-considered and crafted administration plans can run a broad gamut of considerations. Every individual and family is unique, and the legal instruments that are created to address a plan's singular concerns and characteristics will necessarily note that.

Increasingly, and especially as millions more baby boomers begin thinking about or are entering their retirement years, charitable giving has emerged as a major topic and concern in many estate and tax planning situations.

The motivations underlying such giving can be multiple and complex. In many instances, an individual or family in Texas or elsewhere might flatly have a strong and lasting attachment to a charitable cause, whether it is related to a school, church, nonprofit group or other entity. It might be simple philanthropy alone that motivates a desire for charitable giving.

In other instances, that desire can be just as strong and supplemented by a common-sense plan to optimally promote tax benefits and secure other estate planning advantages.

A recent survey released under the aegis of Blackbaud, a company that services nonprofit organizations, reveals that it is indeed the baby boomer demographic that is fueling greater interest in charitable giving.

In Blackbaud's study, which solicited the views of more than 1,000 donors across the country, it was revealed that boomers (those aged 49 to 67) comprise the age group with the largest charitable donor base and provide the most money to nonprofit groups, giving an estimated $62 billion annually.

There are many charitable giving strategies that can both individually and in concert make sense in a given estate plan, including trusts and family foundations.

An experienced estate planning and administration attorney can help a donor fully understand and implement what makes best sense in an individual case.

Source: Forbes, "Charitable giving: Baby boomers donate more, study shows," Deborah L. Jacobs, Aug. 8, 2013

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