Bequests: Wills and Trusts
Goal: Defer a gift until after your
Benefit: Your donations are fully exempt
from federal estate tax and you retain control of your assets
Francis Poole was a quiet farmer from Whitman County. He spent a lifetime taking care of his crops and along the way, he arranged his affairs so he can leave a legacy care for others. In his quiet way, he made sure that others, who may not have the ability to pay, will still have the healthcare they need.
There is significant importance to having a will or other estate document or directive to guide the distribution of your assets as you wish. Otherwise, there is the risk the state will make the decisions, which may not be in accordance to your desires. Francis made sure his wishes were carried out as he wanted. We have a wealth of information to assist in your planning and needs.
· There are examples of sample bequest language.
· You may want to look at the benefits of utilizing a charitable bequest.
· You can explore how bequests enable you to keep control of your assets.
· Codicils are a simple and easy way to make changes to an existing will.
· There is information regarding living trusts.
Bequests in wills and trusts are often used to build an endowment,
a fund that provides a legacy for you and provides for the future of Providence Health & Services.
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.
With their long history at Sacred Heart, it was only natural that Bruce and Rayna Lee looked to the Providence Health Care Foundation, Eastern Washington, when it came time to redo their will. “We’d known about the foundation for years,” says Rayna Lee. They both had seen the benefits of the foundation firsthand in their day-to-day work at the hospital.
After thoughtful consideration and research, the Walkers decided to leave a portion of their estate to the Multiple Sclerosis Center at Providence Holy Family Hospital. Multiple sclerosis is a chronic disease of the central nervous system that affects the brain and spinal cord. For reasons that remain a mystery, the Inland Northwest has one of the highest concentrations of MS in the world.
“MS had been a part of my life since high school,” shares Rayna Lee. She grew up in Odessa, Wash., knowing several people with the disease. “I toured the Holy Family center and was impressed.” And because Bruce was profoundly touched by the patients he cared for, the couple is also leaving a gift to the local Parkinson’s chapter.
The Walkers encourage anyone considering a planned gift to do their homework and follow their passion.
“There are many ways to make a difference and for us, a planned gift made perfect sense,” Rayna Lee says.
Return to Legacy Gift Options.