Goal: Defer a gift until after your
Benefit: Your donations are fully exempt
from federal estate tax and you retain control of your assets
Perhaps the worst word ever heard in probate is intestate, dying without a will. Dying intestate prolongs the distribution of assets and in some cases precludes heirs from benefiting from a decedent's estate. Dying intestate empowers the state in which the person died to distribute the assets of the person who died according to the laws of that state.
Everyone should have a will. If you have not written a will yet, regardless of your charitable intent, please consider this for it is a gift to your loved ones. A will ensures that assets are distributed as planned, and that other property is passed on per the decedent's wishes.
Bob and Pamela established
a scholarship that would help particular students meet some of their college expenses.
They made an outright gift to their college of some appreciated stock and changed their will to include a bequest that will magnify the scholarship
Pamela: "We felt good
about helping through establishing a small scholarship. But we had no idea what
the scholarship would bring to us."
the years, we have since met with some of the recipients of the scholarship. I
can't describe how good it feels to sit with these young people, to hear them
describe their dreams and ambitions. To realize that we have become a part of
their future and that they have become a part of our family."
gives me goosebumps even now as I think about it."
In addition to enabling them to satisfy their charitable desires, this was a wise financial move as they needed to retain control of their assets for future contingencies.
While they knew the future is uncertain, Ann and David wanted to be sure that what they didn't need would go to help others.
They also understood the importance of having a will.
For information regarding living trusts, please click here. To look at examples of bequest language, please click here for more 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.
Also, bequests are often used to build an endowment,
a fund that provides a legacy for you and provides for the future of Saint Joseph's College. Codicils are a simple and easy way to make changes to an existing will.
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. Please click here for additional information regarding
Another option to consider in making a gift is to use life insurance
policies that are no longer needed or necessary. Please click here for more information about different
ways to make a gift of life insurance.
Pamela and Bob found their experience enriched their
hearts and lives. Often donors are surprised by just how wonderful the giving
For more information or a confidential discussion of your charitable options, please email or call the Vice President and Chief Advancement Officer, Joanne Bean, at 207-893-7891.
Please note, individual financial circumstances
will vary. The information on this site does not constitute legal or tax advice, either in whole or in part. 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 Legacy Giving section has been developed
for Saint Joseph's College by Future
Focus. Please report any problems to section webmaster.