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 Joyce.
