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If you plan to make a charitable gift by will, please think it through carefully. Then, meet with your attorney to discuss and update your will. Tell your attorney exactly what you want to do. Be as clear as possible in describing what you want given and to whom.
Bequests can be "specific" where a named asset is given. Bequests may be general wherein the bequest is usually a gift of a stated sum of money. Bequests may be unrestricted or restricted and bequests can be in the nature of an endowment. There is a great flexibility to achieve your goals.
We hope you'll tell us when you have named the ASSE Foundation in your will. We would very much like the opportunity to thank you for your generosity.
Your confididentiality will always be respected. At the same time, recognition of your gift can encourage others to the same. Whatever the case, we will honor your wishes because we appreciate your support immensely.
Perhaps you would like to make a sizable contribution to the ASSE Foundation now to support its good works, but you're concerned about reducing the size of the estate you'll pass on to your family. The solution?
Although the life insurance policy will need to be funded, either annually or by a lump sum, the income tax saving from your charitable gift may be enough to cover much of the premiums (depending upon your age, health and top-tax bracket).
Depending upon your tax situation, it may not be necessary for the amount of life insurance to equal the charitable gift. A smaller amount of insurance may be enough to restore your family's after-tax inheritance. If you are married, a second-to-die policy can offer the most coverage per premium dollar.
This is an afforded charitable-giving tool than can provide a simple, flexible and efficient way to manage your charitable giving. As the name implies, a donor contributes cash or assets to a charity that sponsors the donor-advised fund. The funds are managed and invested by the sponsoring organization. The donor can "recommend" which charitable organization(s) will recieve grants from the fund, when and in what amounts. However, the sponsoring organization has the final approval on the grants.
The donor may receive up to three tax benefits: an immediate income tax deduction, avoiding capital gains taxes if the gift is of appreciated property, and a reduction of the donor's estate by the amount of the donated asset. Additionally, the fund will grow tax-free while in the donor-advised fund.
Simplicity, convenience and flexibility are key benefits of a donor-advised fund. Contributors to these funds can choose from the following programs: scholarships, research, accreditation support programs and professional development grants. This arrangement is particularly attractive for people who don't have the time to research which programs to support.
Another advantage of a donor-advised fund is that you can separate the timing of your gift from your recommendations for its use. In other words, you could make a gift this year and receive the charitable deduction on your income taxes, but reserve an opinion on how your contribution will be used until sometime in the future.
By investing in a donor-advised fund, you can watch your contributions grow over time and make helping others a long-term commitment.
Contact Mary Goranson by email or phone at 847-768-3412.