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Legacy Giving

Wills and Bequests

Goal: Defer a gift until after your lifetime
Benefit: Your donations are fully exempt from federal estate tax and you retain control of your assets
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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.

Other Strategies

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.

 

Linda and Gracie

Family Lessons…Giving Back
Linda Russell with Gracie
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Fred and Jessie DuBard
A blind date involving a young man from Wofford and a Winthrop coed has had lasting benefits for our region of South Carolina.  Fred and Jessie DuBard
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Braddy Family

"It's essential to give back to things that are important to you"
The Braddy family
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Richard and Wanda Granger
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Heart Reach Ambulance
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For more information or a confidential discussion of your charitable options, please email or call the Development Officer, Roxanna Tinsley, at (843) 777-2694.

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. You may also contact a member of the Professional Advisory Council. 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 Legacy Giving section has been developed for McLeod Health Foundation and is owned by Future Focus. Please report any problems to section webmaster.