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Why make
a bequest gift? |
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Many of our area’s charitable or nonprofit organizations
will struggle to survive in the coming years without an increase
in charitable gifts in wills or estate plans. Information from
probate courts shows that only a small percentage of local wills
leave any money to charity.
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How large does a bequest
have to be? |
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While some gifts may be large, many are small. Regardless
of size, all gifts are important and will make a difference
in the lives that follow.
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Where do I begin? |
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Together with your financial advisor(s), begin gathering information
to determine the best approach for making your planned gift.
Making a bequest in your will or estate plans can be as easy
as including a bequest in your will or changing the beneficiary
of an IRA or life insurance policy. It is important, however,
that you consult your legal and/or financial advisor when making
planned giving decisions.
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Are bequests always given
in the form of money? |
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Bequests may come in the form of money, property, an investment,
or a percentage of an estate. Tax benefits often accompany a
gift from a will or estate.
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Do I have to include
my wish to leave a gift to a specific organization in my will? |
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To be certain that the organization receives the gift, you
should state your intentions in your will. Without a will, your
property and finances are settled in probate court according
to state laws, regardless of your personal wishes.
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Do I tell the charity
that I’ve left them a bequest? |
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This is up to you to decide. Charities and other nonprofits
like to know in advance so they can recognize your generosity
and accommodate your wishes, and use your gift to inspire others.
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How do I leave a gift
in memory of a person or for a specific purpose? |
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A bequest is a great way to honor someone who has made a difference
in your life. You may also want to give to a specific cause
like research or a building project. These kinds of gifts can
be arranged through your will. You just need to make it clear
that the gift is given in memory of a particular person or for
a specific use.
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What are some other important
tips about making a charitable planned gift? |
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- Find an attorney and/or financial advisor who will best
represent you and your commitment to planned giving.
- Talk to a variety of specialists, including your attorney,
financial advisor, and development professional at your
favorite charitable organizations. Learn as much as you
can about various planned giving options and the kinds of
gifts that make the most sense for you and your favorite
organizations.
- Encourage dialogue between your favorite organizations
and your attorney and/or financial advisor to ensure that
your intentions are understood and put into action.
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