Modern "estate planning" is more than a fancy term for writing a will. Regardless of his or her position in society, everyone worries that, after retirement:
• their income may not be sufficient
• illness may wipe out their savings
• they will become a burden on others
An estate plan is tailored to your individual needs and future desires. It helps you build your estate and increase your income. An estate plan helps you anticipate your future needs, so that you are secure, despite any circumstances that may arise. Finally, your estate plan lets you decide how you want your estate distributed among your family, friends, and organizations that you care about, such as the 12th Man Foundation. Through proper estate planning, income and estate taxes can be reduced, allowing you to be a more generous benefactor.
Your Will is the centerpiece of your estate plan. A simple Will is easy and inexpensive. You need the expertise of a qualified attorney to draft the language of your Will, and you need a periodic review of the documents with him or her to make changes you may want, or changes you may need as a result of changes in tax laws or your personal circumstances.
Ways To Give
Bequests (Click HERE for Bequest language)
You can make a bequest in your will to charitable organizations, such as the 12th Man Foundation in the same way that you provide for family and individuals. There are three basic types of bequests:
• Specific bequests are those for a specific item of property or a specific sum.
• Percentage bequests are those for a fixed percentage of your estate.
• Contingent bequests are those that provide a secondary beneficiary in the event that the primary beneficiary dies before you.
Any bequests should be worded: “To the 12th Man Foundation, a not for profit Texas corporation having its offices in College Station, Texas, or its successor organization”
Beneficiary Designation of Life Insurance and Retirement Assets (IRA, 401K, etc.)
Gifts to charitable organizations such as the 12th Man Foundation can be made without changing your Will or Trust, but simply by adding the charity as a beneficiary on the relevant forms. These gift ideas should be made as part of your overall estate plans.
• Name an organization such as the 12th Man Foundation as a death beneficiary on one of your bank or other financial accounts.
• Name a charitable organization such as the 12th Man Foundation as a death beneficiary on your qualified retirement plan. This may be smart tax planning for you, as retirement plans can be subject to both estate and income tax.
• Life insurance that has fulfilled its purpose can be an excellent gift. Simply make a charitable organization such as the 12th Man Foundation the beneficiary.
Retained Life Estate
Your primary residence, vacation home, condominium or farm can be gifted to a charitable organization such as the 12th Man Foundation. You retain the right to use the property for the rest of your life, while receiving an immediate income tax deduction, and taking the property out of your taxable estate.
Life Income Gifts
An integral part of many estate plans now include a gift to charitable organizations such as the 12th Man Foundation that pays the donor a lifetime income. These gifts are accomplished through trusts or annuities that are tailored to individual needs. Many people, from very wealthy to very modest means are using these simple instruments to provide a secure lifetime income for themselves and their spouses, while leaving a gift they never thought possible to an organization dear to their hearts.
• Charitable Remainder Trust – There are several types of Charitable Remainder Trusts (CRT), but all share the same properties. Banks, brokerage firms, some CPA’s and tax and estate attorneys are familiar with, and create CRTs. A CRT allows a donor to place an asset (usually highly appreciated) into the CRT, and designate an annual percentage or annual amount of income that the donor receives from the CRT. At the end of the CRT, which is usually at the death of donor and spouse, the designated charity receives the remainder of the trust. The donor receives an immediate tax deduction, and bypasses any capital gains tax from the appreciation of the assets placed in trust. The CRT is also not included in the donor’s taxable estate.
If you have already made an estate gift to the 12th Man Foundation, please let us know. Knowing not only helps us plan for the future, but also gives us an opportunity to thank you and give you proper recognition.
If you would like to see how any of these gifts might help you, based on your age and needs, please contact Kelly S. Corcoran at firstname.lastname@example.org or (979) 260-7943.
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