By Jared Lindell
The topic of planned giving is something that can be, frankly, very dry. There are many planned giving options, and it sometimes seems like you need a PhD to try and sort through the many intricacies and details of most planned gifts. Yet, this does not diminish the importance of considering your financial future. There is one planned gift that is easy to understand, simple to complete, can make a great charitable impact, and that nearly 70 percent of all individuals nationwide have yet to consider. If you read the title of this article and made it this far, you know by now that planned gift is the will.
The basic question that needs to be answered is why establish a will? The answer can be summed up by the following benefits of wills: 1) You have the personal freedom to direct where your assets will go after your passing; 2) You can take advantage of estate planning techniques to help save considerable estate taxes 3) You can save your family unnecessary expenses that would arise when administering you estate 4) You can give to charitable causes, leaving a legacy that reflects the values you held during you lifetime. No matter what the benefit, you should always consult a your financial planner to see what best works for your situation. This is especially true when encountering major life changes such the birth or death of a close family member, divorce, or other financial changes such as the sale of a business.
Keeping wills in mind and since it is the start of 2008, there is no better time to add one more New Year’s resolution to your existing list. The Community Foundation challenges you to sit down with your estate lawyer and draft a will if you have not already done so. As demonstrated by the prior benefits, creating a will can serve to secure your financial future and a greater good can be done at the same time. This greater good comes when thinking in terms of charity. Naming the Community Foundation in your will means your gift becomes a personal legacy of giving.
Over the years, many donors have named the Community Foundation in their wills. When a donor names the Foundation in his/her will, a fund agreement is written that states a portion of the donor’s assets will be distributed to a new fund or existing fund at CRCF when the donor passes on. Therefore, by naming CRCF in your will today, it means that the community will forever benefit from your gift, and your legacy of charity will forever be remembered by the community.
In order to recognize those individuals who have already named the Community Foundation in their wills, CRCF established a Legacy Society in 2007. The Legacy Society is a membership that allows CRCF to recognize donors today, for the charitable gift that will be given down the road via a planned gift. Often planned gifts go unrecognized until the donor’s passing, and the Legacy Society is CRCF’s way to say thank now for your charity down the road. If CRCF has been named in your will or any other planned gift, you are eligible for this membership, and we would love to hear from you.
Overall, drafting a will is your opportunity to plan how you can benefit your family, friends and charitable organization after your life. If you are naming CRCF in your will, we would be glad to help you decide the best way to implement your wishes.
Please contact the CRCF staff at 661-3390 for assistance or visit us online at www.crcfonline.org to view planned giving options. Your planning today will serve as a great benefit to all, years down the road.