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What will be your legacy to future generations?
You want to provide for those persons you love even when you are no longer present. Much of your life has involved charities you believe in – religious, educational, cultural, environmental, health and welfare.
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How can you leave a legacy?
There are several ways, a will being the most popular. You may consider giving a part of your retirement plan, 401k, or I.R.A. You may set up a charitable trust or purchase a Charitable Gift Annuity. You may use life insurance to enlarge your gift potential. You may give cash or appreciated stocks, even personal property.
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What if you want to make a gift NOW?
The charity would be delighted. It could be of cash, appreciated stocks or bonds, personal property, or the like. Then you could see the benefits of your generosity for the rest of your life!
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What if you need more lifetime income?
You should investigate a Charitable Gift Annuity or set up a charitable trust.
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What will the charity do with the gift?
If you do not designate a specific purpose, they will generally add it to their endowment.
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What is an endowment?
An endowment could be compared to a giant savings account. Your gift goes into the account and stays there “forever. The endowment is invested and the earnings from it are used annually to support the general operations of the charity.
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What if you want to designate your gift?
It is important to discuss your wishes about designations with the charity before making the plan. This allows you to support more specific programs of a charity, those that you care about most.
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Who can help you arrange a planned gift?
The charity itself has persons who can be of assistance, call them; however, it is important that you have your own professional financial and legal counsel.
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Can you give to more than one charity?
Absolutely, and you can give indifferent ways to each charity.
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Do you really need a will?
Absolutely! This may be the most important document of your life. It should do what you want it to, be legal, and be easy for your executor to carry out.
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Can you really save on taxes?
Yes, in general gifts to charity during your lifetime are tax deductible and gifts at death reduce the potential taxes on your estate.
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Does your gift have to be made public?
No, you work out that detail with the charity. They do prefer to thank you and encourage others to give.
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Do you have to have a lot of money to make a planned gift?
Not at all. It is the spirit of generosity in your heart that governs the size of the gift. All charities want you to keep enough for your own needs.
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