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Wills and Bequests
Goal: Defer a gift until after your
Benefit: Your donations are fully exempt from federal estate tax and you retain control of your assets
David and Ann originally established a fund that would help fund a small scholarship for students with severe financial needs. They had made an outright gift of some appreciated stock. It was later, after they had the opportunity to meet some of their scholarship recipients, 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 met with those who were receiving assistance from our fund. I can't describe how good it feels to sit with these young 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 they 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).
Foundation Donor and Scholarship Recipient Reception in May 2006.
(Pictured from left to right) Don Wimer, grand-daughter Elissa McCartin, Marilyn Wimer and their daughter Marcie (Wimer) McCartin. Elissa received the LB Scholars Scholarship.
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. Also, bequests are often used to build an endowment, a fund that provides a legacy for you and provides for the future of Linn-Benton. Codicils are a simple and easy way to make changes to an existing will.
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.
For more information or a confidential discussion of your charitable options, please email or call the Development Director, John McArdle, at (541) 917-4210 or Jim Birken, Planned Giving Manager, at (541) 917-4254.
We Look Forward to Hearing From You!
Calapooia Center Building, room CC-105
6500 SW Pacific Blvd.
Albany, OR 97321
Federal Tax ID#: 23-7212073