Seven Ways to Remember a Charity

There are many ways to remember a charity in your estate plan, and you may be surprised to discover how inexpensive most of these are to accomplish. Here are seven options to consider:
1. Amend an existing insurance policy to add a charity as an additinal beneficiary. You could also purchase a new policy for our benefit.

2. Visit your personnel office and ask to amend your group life insurance policy or retirement plan to add a charity as one of your beneficiaries.

3. Instruct your lawyer to prepare a simple, inexpensive codicil to your existing will, creating a bequest for a charity.

4. If you’re over 65 and disappointed with the income you are receiving from your long-term stocks or your certificates of deposit, consider a charitable gift annuity program. Besides providing attractive tax benefits, this easy-to-accomplish gift may reward you with higher annual income.

5. Deed your house to a charity and continue to live in it. Your income tax savings from the gift may cover the legal costs.

6. Leave written or verbal instructions for your surviving spouse to include a charity when redrawing his or her will (which will be necessary).

7. If you have a sizable estate, let us show you how a charitable trust may benefit both you and us. Again, the tax advantages are significant and may offset any legal costs.

Some of the gift arrangements are revocable and others cannot be changed once established. Some work better with cash and others with appreciated assets. There are many variations, enough so that a giving plan can be tailored to your needs, desires and capabilities.

Although we do not practice estate planning, we can sit down with you and explain these things so you get the ball rolling. For your protection, we urge you to check with your professional advisor(s) before completing any planned gift. Keep your community healthy with a gift to a charity.