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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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