How to
Leave A Legacy
1. Think about the nonprofit group or cause you'd
most like to help. Maybe you or someone you know has benefited from the
service of a particular organization. Maybe you're an active volunteer or
believer in the mission of a specific organization. You might want to
leave a gift in memory of a loved one or for a specific use.
2. Call the Non-profit organization of your choice. They can tell you
more about what they do, what opportunities are available for giving and
how your gift will allow them to continue their good work.
3. Contact a Professional Advisor for help. An advisor can make sure
you are getting the maximum tax and legal advantages allowed for your
gift.
Top Ten Things You Can Do To Leave a
Legacy
1. Prepare a will. Only 50% of those who pass away
have one. Without a will, you may lose control over your belongings.
2. Leave a gift in your will for the nonprofit and charitable
organizations that made a difference in your life. Less than 6% of
American households have included nonprofits in an estate plan. Imagine
the positive impact on our community if everyone made a donation to a
favorite nonprofit.
3. Leave a specific dollar amount or a percentage of the assets in your
will to a nonprofit of your choice.
4. Consider using assets for your charitable gift. These include but
aren't limited to: stocks, bonds, CDs, real estate, vehicles, art and
jewelry. Such gifts may even provide tax savings.
5. Name a nonprofit of your choice as the beneficiary of your pension
plan or IRA.
6. Purchase a new life insurance policy naming your favorite nonprofit
as the beneficiary.
7. Name your favorite nonprofit as the beneficiary of an existing life
insurance policy.
8. Remember loved ones with memorial gifts.
9. Encourage family and friends to leave gifts to nonprofits in their
wills.
10. Ask your financial advisor to include charitable giving as a part
of client counseling.
Frequently Asked Questions
HOW DO I LEAVE A GIFT FOR A NONPROFIT ORGANIZATION
THAT I ADMIRE?
It's easy. You can arrange for a gift several ways, the most common being
through a charitable gift in will or a living trust. Many people set aside
a certain dollar amount. Others leave a percentage of their estate or any
assets left over after their family has been provided for. Some people
donate something they own, like a car or their home. Others leave a
paid-up life insurance policy, retirement account or other financial
investment.
MUST I HAVE AN ESTATE IN ORDER TO LEAVE A GIFT?
Everyone can leave a gift. "Estate" is simply a word used to describe any
money, property or personal belongings that you may have at the time of
your death. Most people leave an estate when they die, even though they
may not have a great deal of wealth. Many gifts are less than $1,000.
DO I HAVE TO INCLUDE MY WISH TO LEAVE A GIFT TO A SPECIFIC ORGANIZATION
IN MY WILL?
A charitable bequest will not take effect unless you state your intention
in your will or living trust. Without a will, you may lose control over
your belongings after death. Your property and finances are settled
according to state laws, whether or not they coincide with your wishes.
DO I TELL THE CHARITY THAT I'VE LEFT A GIFT?
That is up to you. Charities often like to know in advance so they can
recognize your generosity. They can also tell you about specific
opportunities for giving.
WHO CAN HELP ME ARRANGE FOR A GIFT?
If you have a professional you're working with, like a financial planner,
lawyer, accountant or insurance agent, please talk with him or her about
leaving a gift. A professional can tell you about the tax benefits of
planned gifts.
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