Leaving a Legacy of Giving
MAKING CHARITY A PART OF YOUR ESTATE PLAN
Your estate plan is far more than just a set of documents. It’s a declaration of what you find most important and a roadmap of the legacy you’d like to leave. Not only does a proper estate plan ensure that your loved ones will be taken care of when you’re gone, but it also allows you
organization about what you are planning to give. Smaller philanthropies may not accept complex assets, such as stocks or real estate. On the other hand, some charities may specialize in specific assets. For example, if your home is considered a historic site within your town, you may want to gift it to a preservation society so that it stays properly maintained. DECIDE HOWTOGIVE There are different ways to structure a charitable bequest, giving you the flexibility to make sure your estate planning goals are met. If you have a set sum of money or a particular asset you wish to leave to a charity, you can make a specific bequest in your will. However, if you want to ensure your loved one’s needs are met before giving a portion of your estate to charity, you can make what’s known as a residuary gift. With a residuary gift, once debts have been paid off and your other beneficiaries have received their bequests, a specified percentage of your remaining estate will go to a charity of your choice. OTHER AVENUES Depending on your income level and the kinds of assets in your estate, more complex means of making a planned gift may be available to you. Talk to your estate planner to see if creating a charitable trust or establishing a foundation is the right move for you.
to make an impact on the wider world through charitable giving. Many avenues exist for making planned gifts to nonprofits, but here are some of the basics on how to make giving a part of your plan. NAME A CHARITY IN YOURWILL The most basic way to give to a charity is by naming it in your will. Simply name the charitable organization you wish to support among your beneficiaries, and specify the assets you wish to give. If estate or income taxes are a concern, ensure your chosen organization is a 501(c)(3) nonprofit. These are the charities the IRS deems tax-exempt. MATCHTHE ASSETS TO THE CHARITY Almost all charities will accept cash bequests, though it is always a good idea to notify an
Upcoming Events
... Continued from Cover
Taxes in Retirement Madison Community Center Wednesday, May 15 at 6:30 p.m. Smart Women, Smart Retirement
to live to 126. It’s about thinking what I can do to achieve that. I have to eat better, exercise, and take steps to live to the number I’ve set for myself. My challenge to you is to think about how many years you have left with your family. Think about those Thanksgivings or summer vacations. How might it make you think or act differently? If you want to chat about it, give us a call. We can help you figure out what it takes to live to your number, whether it’s 90, 100, or 126. It may be as simple as sketching out the future you want, or it may be about incorporating your ideal age into your financial plan. Consider it, and let us know your thoughts and how we can be a part of a better, brighter future. We are always working toward helping our clients live the ultimate retirement.
Fairlington Community Center Wednesday, May 15 at 1:30 p.m. Thursday, May 23 at 6:30 p.m. Income Planning Reston Community Center Tuesday, May 21 at 1:30 p.m. Wednesday, May 22 at 6:30 p.m.
Kelly Campbell
Call Us Today (703) 535-5300 • 3
Made with FlippingBook - Online magazine maker