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Building Your Legacy

August is Make-a-Will Month, serving as a great reminder to update your current will or take the first step towards writing one. While making your will, you can easily include an estate gift to a nonprofit organization, such as LifeCare Alliance. Plus, if you decide to include LifeCare Alliance in your estate plans at the $25,000 or above level, you’ll be recognized in the Catherine Nelson Black Society.

Below are six different ways you can give an estate gift to a nonprofit and the benefits associated with it. You should always talk to your financial planner and tax advisor before making any decisions.

  1. Bequests Through Wills: One of the simplest ways to make a planned gift is by including a nonprofit organization in your will. You can specify a certain amount or a percentage of your estate to be donated to the organization upon your passing. This allows you to support their mission while ensuring your assets are used according to your wishes.
  2. Charitable Gift Annuities: A charitable gift annuity involves donating assets to a nonprofit in exchange for a guaranteed income stream for yourself or a loved one for a specified period. Afterward, the remaining amount goes to the nonprofit. This can provide you with tax benefits and a steady income during your lifetime.
  3. Charitable Remainder Trusts: A charitable remainder trust allows you to place assets into a trust that provides income to you or your beneficiaries for a set number of years or life. Afterward, the remaining assets are distributed to the nonprofit organization. This method can offer tax advantages and flexibility in estate planning.
  4. Life Insurance Policies: You can name a nonprofit organization as a life insurance policy beneficiary. This allows you to make a substantial gift without significantly affecting your current financial situation. You can either donate a policy you no longer need or purchase a new policy specifically for this purpose.
  5. Retirement Plan Assets: Naming a nonprofit organization as a beneficiary of your retirement accounts, such as an IRA or 401(k), can be a tax-efficient way to make a charitable gift. Retirement plan assets donated to nonprofits are typically not subject to income or estate taxes, making them a valuable option for planned giving.
  6. Real Estate or Tangible Personal Property: Donating real estate, artwork, collectibles, or other valuable assets to a nonprofit organization can be another way to make a significant impact. These donations can often provide tax benefits while supporting the nonprofit’s mission.

When considering making a planned gift to a nonprofit, it’s essential to consult with financial and legal advisors to understand the implications and ensure your wishes are accurately reflected in your estate planning documents. By planning your charitable giving strategically, you can create a lasting legacy that supports causes you are passionate about for generations to come.

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