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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 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 as volunteers at times. It has been fun
to be involved with them, to hear them describe their dreams and ambitions and how our gifts have 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."
feel like we really have accomplished something good!"
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
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.