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 Boylin Curry.
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. 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 Planned Giving
section has been developed for Self Regional Healthcare by Future
Focus. Please report any problems to webmaster.
Revised: August 11, 2009 11:58 .