Goal: Defer a Gift Until After Your Lifetime
Last Will and Testament
- Name your charity in your will or trust
- Provide for a share of the estate residue, a percentage of your estate, or a specific dollar gift amount
Revocable Living Trust
- Appointed trustees receive assets to invest, manage, distribute, even make charitable gifts during life or after death
- Trustees are bound by the provisions of the trust, but its revocable nature allows flexibility to change provisions during life
- Charities may be named for gifts during life or after death and may be combined with a pour-over will to consolidate all estate assets after death to be distributed in accordance with the trust provisions
Life Estate Agreements
- A donor can deed a home, farm, or other real estate to a charity and reserve the right to continue living there or using the property for life.
- Whether revocable or irrevocable it will determine timing of tax benefits
- Subject to real estate transfer evaluations and conditions
- Name the charity as the first, second, or last beneficiary for part or all of the proceeds left in the retirement fund at the death of the donor and/or the surviving spouse.
Financial Service Organizations
- Direct certificates of deposit in banks or credit unions to the charity by including “POD (paid on death)” followed by charity name.
- Similar arrangements may be available from brokerage accounts.
Note: As with all significant financial decisions, you should consult your tax and legal advisors before entering into complex planned giving agreements. For general questions or professional resource introductions, contact Tom Assmus.