|
Wills
and Bequests
David and
Ann originally established a fund that would help purchase
needed equipment, supplies, and provide for maintenance.
They had made an outright gift of some appreciated
stock. It was later, after their experiences  with
the staff, that they changed their will to include a bequest
that will magnify the fund tenfold.
Ann:
"We felt good about helping through establishing
a small fund. But we had no idea what the fund would bring
to us."
David: Over
the years, we have met with some of the people involved
who are on the front lines - doing the work. We've even
been able to help a little ourselves. I can't describe how
good it feels to sit with these people, to hear them describe
their dreams and ambitions and how we've helped - to learn
about their successes that we helped fund. What a joy to
realize that we have become a part of their future and that
these people have literally become a part of our family."
Ann: "I
feel like we really have accomplished something good!"
Setting all
the emotional rewards aside, this was a wise financial move.
First, there were some immediate tax benefits on the initial
gift based not on the cost of the stock, but on its appreciated
value. Second, their estate will benefit by having a write-off
to charity through the bequest (see
bequest information).
 Using
funds from a retirement account to make bequests is often
a good strategy. If there is a balance in your retirement
account at your death, not only is there a potential income
tax burden, but there may be estate taxes as well. Estimates
are that taxes could eat up as much as 70-75% of retirement
assets under certain circumstances. Careful planning concerning
retirement funds needs to be done. Some additional information
regarding retirement assets
is available.
Another option
to consider in making a gift is to use life insurance policies
that are no longer needed or necessary. There are some different
ways to make a gift of life insurance.
Ann and David
found their experience enriched their hearts and lives.
Often donors are surprised by just how wonderful the giving
experience is.
Now click
here to meet Joyce.
Please
note, individual financial circumstances will vary. The
information on this site does not constitute legal or tax
advice. As with all tax and estate planning, please consult
your attorney or estate specialist. All material is copyrighted
and is for viewing purposes only. Use of this site signifies
your agreement with the terms of use.The
content in this Planned Giving section has been developed
for Bay Area Rescue Mission by Future
Focus.
Please report any problems to webmaster.
Revised: March 5, 2006 18:11.
|
