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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. 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).
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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Please note,
individual financial circumstances will vary.
The information on this site does not constitute
legal or tax advice. Donor stories and photographs
are for purposes of illustration only. 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 Gift Planning section
has been developed for Golden Harvest Food
Bank by Future
Focus. Please report any problems to section
webmaster. Revised: May 10, 2007 23:14.
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