 Helpful Articles
from David Vollrath,
Union County Foundation Executive Director
The Foundation encourages you to work closely with your professional advisor(s)
as you develop your estate plan and consider your present and future charitable goals. |
Top Ten Ways to...
(Part of a series of articles on charitable giving and the Union County Foundation
by David Vollrath - Executive Director)
Much of David Letterman’s success can be traced to his famous "top ten" lists. He grabs our attention
with topical humor in a format that, appropriate for the time slot, requires little thinking on our part. Today
I share with you The Top Ten Ways to Leave a Legacy. You won’t find this list to be particularly humorous but you
will find that it contains simple guidelines that each of us can easily follow. I think that you will agree that
the results can impact our world just as favorably as Dave’s gift of laughter.
The Top Ten Ways To Leave A Legacy:
1.) Prepare a will. This is very easy to accomplish but alarmingly, it is estimated that over 50% of people
in Central Ohio do not have a will. If you die without a will you have essentially lost control of what happens
to the assets you have worked a lifetime to accumulate. Establishing a proper will through an attorney is easily
accomplished and relatively inexpensive. There is no good reason to delay this process. Do it now!
2.) Leave a gift in your will for the charitable organizations, which make a difference in your life. Statistically
very few wills (less than 3%) include a charitable gift provision. We all should include some gift provision to
charity. A gift of any size can help make a difference and if everyone’s will included at least some charitable
gift the impact would be significant.
3.) Leave a % of assets or a specific dollar amount to your favorite charity. This is an easy way to make
a charitable gift. Such a provision can be part of a new will or added to your existing will by simply contacting
your attorney.
4.) Consider using non-cash assets for your charitable gift. Many people never consider using assets such
as real-estate stocks, bonds, collectables, life insurance, etc. to fund charitable gifts. Gifting these assets
can yield substantial tax advantages.
5.) Name your favorite charity as the beneficiary of your IRA or pension plan. Your plan likely would allow
you to leave a % to your favorite charity.
6. & 7.) Purchase a life insurance policy naming your favorite charity as beneficiary or name your favorite
charity as beneficiary (partial or whole) of an existing policy. Significant tax savings can occur if a charity
actually assumes ownership of the policy.
8.) Honor deceased loved ones with memorial gifts to charities. This could be expanded to establishing a
memorial donor advised fund through the Union County Foundation.
9.) Encourage family members and friends to include charitable gifts in their estate plans. Maybe your gentle
reminder will be the motivating factor.
10.) Ask your financial advisor to include charitable giving as part of their "counsel" to other clients.
What would/could happen if every client were encouraged to include some form of charitable giving in their estate
plan?
Including charitable giving in your estate planning is a privilege and responsibility that each of us should take
very seriously. Treat the Top Ten Ways to Leave a Legacy as a top ten priority in your life.
The Union County Foundation is equipped to help you achieve your charitable goals by providing: planned giving
and estate planning resource information, charitable gift annuities/life income plans, and Donor Advised Fund information.
Please call us at 937-642-9618, email us at info@UnionCountyFoundation.org or stop by our Marysville office at 126 N. Main St. We are committed to helping you…. "preserve
your footprint in time." |
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