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Planned Giving
Wills
and Bequests
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. I can't describe how good it feels to sit
with these people, to hear them describe their dreams and ambitions
and how we've 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."
Ann: "I
feel like we really have accomplished something good!"
Setting all
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 information).
 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 Susan and Fred.
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