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PLANNED
GIVING
Planned
giving offers the donor the opportunity to maximize the tax advantages
available for charitable donations. The most frequently utilized
vehicle is an outright bequest but planned giving encompasses
a variety of options including charitable remainder trusts, charitable
lead trusts, life insurance and so forth.
Properly constructed, a planned gift can minimize tax exposure,
provide a significant gift for your favorite charity and increase
current income and the final value of the assets, which your heirs
will inherit.
Here are some frequently asked questions and answers
about leaving a planned gift.
Why do I need a will?
Even if you do not plan to make a charitable bequest, you still
need a will. Without a will your estate will be settled according
to state law regardless of your intentions. There is no provision
in state law to provide for the charities that an individual has
supported throughout his or her lifetime.
How
do I leave a gift for an organization that I want to support?
The most common form of planned giving is through a bequest. You
may leave a specific amount or a percentage of assets in your
estate to your favorite charity. Be sure to discuss your intentions
with your professional advisor so that you can maximize the tax
advantages of your gift.
Why
should I include a provision for charity in my estate plan?
If you have supported a particular charity or charities throughout
your lifetime, you may wish to continue that support in perpetuity.
By establishing an endowment fund at the Community Foundation
that is funded through your estate plan, the charities that you
select will receive annual distributions from that fund forever.
How
can planned giving impact my estate?
As an example, a properly planned charitable lead trust can virtually
eliminate all estate taxes. Your professional advisor will be
able to advise you on the most advantageous planned giving options
for your situation.
Do
I need to inform the charity that I have left a planned gift?
That decision is up to you. Nonprofit organizations like to know
this information in advance so that they may recognize your generosity.
The Community Foundation of Broward honors those who realize the
importance of permanent community endowment through our Legacy
Society. Your generous and thoughtful planning for the future
of our community can be recognized during your lifetime.
For more information please access -
Southeast
Florida Episcopal Foundation, Inc.
or email us.
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