Bequests and Beneficiary Designations
A bequest (see story) is a gift of property or assets to a beneficiary as defined in a will or living trust. Using assets that have appreciated in value, either for a bequest or an outright gift, can be a strategic way of making a gift.
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. Sample bequest language is also available as well as a sample of a codicil or ammendment to an existing will or trust.
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.
If you have already included Camphill Village Copake Foundation in your estate plans, please let us know by calling Nancy O’Leary at (518) 329-7924, extension 136 or by email at email@example.com so that we can welcome you as a member of the Legacy Circle.