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Bequests are probably the easiest way for you to help MPT span generations. A bequest is a gift of property or assets to a beneficiary as defined in a will. There can be long-term tax benefits because charitable bequests can reduce estate taxes. In addition, there are the emotional rewards of knowing what a charitable gift means to the charity and how it can benefit society. There can be other tax benefits as well if the bequest involves appreciated assets.
Specific language (see bequest information) is used to effect a bequest. The examples provided here are for general information - please consult your attorney, who will work with you, to capture your intent and make sure your wishes are properly carried out.
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You may wish to explore the benefits of 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.
It is interesting to note that donors are often pleasantly surprised by the joy the giving experience can be. David and Ann found their experience in providing support for an organization they loved enriched their hearts and lives today. See their story for more information.