How To Leave A Legacy
- Prepare a Will. Less than 50 percent of those who pass away have one. Without a will, you may lose control over your belongings and assets.
- Review your Will and update it as needed every 3 to 5 years or when changes occur in your family, marital or financial status. Consult your legal advisor about making changes with a simple codicil.
- Leave a Bequest in your Will for the nonprofit and charitable organizations that made a difference in your life. Imagine the positive impact on our community if everyone made a donation to a favorite nonprofit. Less than 6% of American households have included nonprofits in an estate plan.
- Leave a specific dollar amount or a percentage of the assets in your Will to the nonprofit(s) of your choice.
- Consider various assets for your charitable gift. These include but aren’t limited to: cash, stocks, bonds, CD’s, real estate, vehicles, art and jewelry.
- Name a nonprofit of your choice as the beneficiary of your retirement funds, IRA or 401(k) plans. Unless carefully planned for disbursement in your Will or Trust, these funds can be taxed up to 70% before they can pass to your heirs.
- Name your favorite nonprofit as the beneficiary of an existing life insurance policy, or Purchase a new life insurance policy naming your favorite nonprofit as the beneficiary.
- Remember loved ones with Memorial gifts to nonprofits.
- Encourage family and friends to leave Bequests to nonprofits in their Wills.
- Ask your financial advisor to include charitable giving as part of their counsel to clients.
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