Wills and Bequests
David and Ann originally established a fund that would
help purchase needed instruments, 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).
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 more
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 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 Susan and Fred.
For more information, please CONTACT US so we can respond to your specific needs.