What does it mean to leave a legacy?
Think of leaving a legacy as a means of transferring your values to the next generation. By making a gift in your will, you can shape the future of an organization in a meaningful way while earning for yourself a special kind of immortality.
Why is it important to plan my estate?
At your death, your assets will be distributed to at least two of the following three beneficiaries: your chosen heirs, the United States government, or the charitable organization(s) of your choice. If you don’t stipulate your desires in a legal method, a significant portion of your estate could be reduced by taxes rather than directed to loved ones and charitable organizations.
If I decide to leave a legacy, what is the first step?
To get started, carefully consider each organization whose mission best reflects your personal beliefs and values. Also consider how your community and our state would be affected if those organizations did not exist. You might want to speak with representatives of the charitable organizations to share your intent and to ensure that your estate gifts are appropriately directed.
I’m not wealthy and I don’t have an “estate.” Can I still make a gift?
If you have possessions, you have an estate. Deciding in advance how you plan to distribute your assets at your death is known as estate planning. You might be surprised to learn how even a modest gift from your estate can truly benefit a cause or causes that are importance to you. As a wise person once said, “The smallest deed is better than the grandest intention.”
In addition, you are encouraged to consult a professional advisor – lawyer, CPA, trust officer, insurance professional, estate and financial planner – who can help fulfill your intentions.
This will most likely involve preparing or updating your will and/or beneficiary designations or establishing a special trust that addresses your unique personal goals and objectives.
You can also request information from LEAVE A LEGACY™ Iowa by clicking on contact us.
What’s the best way to make a gift to charitable organizations?
There are many ways to leave a legacy. You can give a fixed sum of money, specify certain property or give a percentage of your estate. You can make a gift to a charity in your will or name a charity as the beneficiary of new or existing life insurance policies, retirement plans, CDs and/or annuities.
How do I leave a gift in memory of someone or for a specific purpose?
Memorial gifts, which can be arranged in your will or through a special form of trust, are a wonderful way to honor loved ones and support important causes. It’s a good idea to work with the charitable organization(s) you choose to benefit to be sure that your plans can be carried out as you intended.
Should I notify the charitable organization that I’ve included them in my estate?
Notifying charitable organizations about charitable estate gift pledges is the prerogative of the donor. Some donors prefer to remain anonymous. Charities appreciate being notified because it provides the opportunity to express their appreciation. In addition, many charitable organizations have developed recognition programs like Heritage Societies or Legacy Societies for donors who have remembered them in their estates.
Notifying a charity of your estate gift can also provide an opportunity for dialogue between the donor and the charity regarding the ultimate use of your gift. Many estate gifts received by charities are undesignated and end up funding current operating expenses. This may or may not be consistent with the donor’s desires. A discussion with a representative of the charitable organization can serve to clarify the donor’s wishes. A simple form called Statement of Intent can also be used to notify the charity of your estate gift pledge.
