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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 have accomplished something really 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).  There
is some additional information available about the benefits
of utilizing a charitable bequest and how bequests enable you to keep control
of your assets.
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.
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