Planned Giving
Wills and Bequests
David and Ann originally established a fund that would provide
a scholarship for qualified nursing students. They had made
an outright gift of some appreciated
stock. It was later, after their experiences with the
students they had helped, 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 all
of the students we've helped. We've been able to stay in touch
as they have moved from being students to begining their careers
in nursing. 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 Joyce. |
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