HOW
DO I LEAVE A
BEQUEST?
THE TERMINOLOGY:
WHAT IS A BEQUEST?
One of the biggest misconceptions about creating a bequest is that only the wealthy can do it. The truth however, is that everyone can, no matter what your current income or assets, because planned gifts can be a lot more than money. In fact, some of the most common gifts are stocks, IRAs, cars, and life insurance policies.
Another myth is that by making a bequest, you’ll be neglecting your family after death. This is also untrue. Of course, families should be provided for first; however, what most people find is that both providing for their family and leaving a gift to charity are possible.
If you are considering making a charitable bequest, here’s what you need to know:
3 BASIC STEPS TO MAKING A BEQUEST
1) Decide whom you want to leave a gift to
Think about to whom and why you’d like to leave a gift. Maybe you or someone close to you has been greatly helped by an organization. Maybe you’re an active volunteer or believer in that group’s mission. Or maybe you want to leave a gift in memory of a loved one - to his or her favorite charity - or for a specific use.
2) Do your homework
If you are having trouble deciding or want to know more about a particular organization, do some investigating before leaving a gift. Call the non-profit group directly and ask them about what they do, how much of their funding goes towards meeting their mission, and what opportunities are available for giving. Refer to our list of participating non-profits in Southeast Michigan, if you need assistance.
3) Contact a professional financial advisor
Once you have determined to whom you’d like to leave a gift, contact a financial advisor (an attorney, financial planner, or accountant) for assistance. Your advisor can not only suggest what type of gift might best suit you, but can make sure you are getting the maximum tax and legal advantages allowed to you. If you need a referral, please call any of the professional organizations from our list.
Carpenter Dominic Mason died in 1989.
Tomorrow, he’ll renovate the playroom at the local homeless shelter.
As a carpenter, Dominic renovated homes for his clients. As a child, he and his mother found a home in a shelter when times were hard. A counselor there showed Dominic a future filled with opportunity, and he never forgot that life-changing vision. Thanks to a bequest in his will, a few more children will have a chance to build their dreams. Include your favorite cause in your will or estate plan. Contact a charitable organization, attorney, financial advisor or local LEAVE A LEGACY® program to learn how.