Leaving a Legacy of Giving Making Charity a Part of Your Estate Plan
MATCH THE ASSETS TO THE CHARITY
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 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. 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. NAME A CHARITY IN YOURWILL
Almost all charities will accept cash bequests, though it is always a good idea to notify an 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. 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 DECIDE HOW TO GIVE
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.
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.
Take a Break!
Inspired by Food & Wine magazine
STRAWBERRY MANGO PALETAS Ingredients
• 1 1/4 cups strawberries, chopped 1/2 cup granulated sugar 3 tablespoons fresh lime juice 1. In a saucepan, toss strawberries with 1/4 cup sugar and let stand at room temperature for 15 minutes. 2. Add 1/4 cup water and bring to a simmer over moderate heat. Cook strawberries until mixture thickens, about 5 minutes. 3. Remove fromheat and stir in 1 tablespoon of lime juice and 1/4 teaspoon of salt. Let cool completely, about 45 minutes. 4. Meanwhile, in a blender, purée mangoes with 1/4 cup sugar, 2 tablespoons lime juice, and 1/4 teaspoon salt until smooth. Scrape into a mediumbowl Directions • •
1/2 teaspoon kosher salt 2 medium ripe mangoes, peeled, pitted, and chopped
and clean the blender. Then, purée strawberry mixture until smooth. 5. Into 8 3-ounce ice popmolds, spoon 2 tablespoons mango purée. Add 2 tablespoons strawberry purée to eachmold, then top with remainingmango purée, leaving 1/2 inch between filling and top of mold. 6. Using a small knife, gently swirl layers together. 7. Insert ice pop sticks and freeze until solid. 8. Dipmolds in hot water for a few seconds, then unmold paletas and serve immediately.
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