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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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