Wills and Bequests
Goal: Defer a gift until after your
Perhaps the worst word ever heard in probate is intestate, dying without a will. Dying intestate prolongs the distribution of assets and in some cases precludes heirs from benefiting from a decedent's estate. Dying intestate empowers the state in which the person died to distribute the assets of the person who died according to the laws of that state.
Everyone should have a will. If you have not written a will yet, regardless of your charitable intent, please consider this for it is a gift to your loved ones. A will ensures that assets are distributed as planned, and that other property is passed on per the decedent's wishes.
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, there is information concerning the wording of a bequest (see bequest information). For information regarding living trusts, please click here. Also, bequests are often used to build an endowment, a fund that provides a legacy for you and provides for the future of McLeod Health. 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.
Wanda and Richard found their experience has enriched their hearts and lives. Often donors are surprised by just how wonderful the giving experience is.
For more information or a confidential discussion of your charitable options, please email or call the Development Officer, Roxanna Tinsley, at (843) 777-2694.