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Estate planning: Considerations about giving money away

Many people can make a big impact on the world once they've departed it. Part of estate planning for Arkansas residents entails how and to whom they will leave assets once they've died. The thought of giving money away comes with various emotions and before making decisions, and there are a few things testators should consider, such as whether giving can be a part of the scenario while living.

Some people may choose to give to their loved ones or charities before they die, but much depends upon how much money is involved and whether there will be enough left to live comfortably in retirement. Another consideration of estate planning is making sure the right beneficiaries are named on life insurance and retirement policies. When planning an estate, individuals also need to think about estate taxes -- something with which an attorney can help, along with a financial planner.

If a testator chooses to leave money to a charity, he or she should definitely investigate the charity before making a final decision on a bequest. There are various websites that give information on popular charitable organizations. A testator should make sure they're above board and well-managed and that the bulk of funds given to them actually go to helping whatever cause they're supporting. 

Talking to an Arkansas estate planning attorney about these things could make it easier to make financial decisions. A lawyer understands his or her state laws and would be able to clarify any questions a client might have regarding estate planning documents. Estate planning can seem confusing, but doesn't need to be with the guidance of an experienced lawyer.

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