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WILLS
AND BEQUESTS
David
and Ann established a fund that would help purchase
needed equipment, supplies, and provide for maintenance.
They made an outright gift of some appreciated
stock and 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 since met with some of the people
involved with the ministry and who have seen the benefits
our fund helped provide. 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 them help others and changed lives for God.
To realize that we have become a part of their future
and that the people involved with it have become a
part of our family."
Ann: "It
gives me goosebumps even now as I think about it."
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). To look at instructions
on giving stock to the Foundation, see "How
to Give Stock."
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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