Leave more than memories…Leave A Legacy Charlotte Region

Charity is not limited to your lifetime

Most of us give time, talent and money to charitable organizations throughout our lives.  Why?  It makes a difference in someone’s life.  It allows us to experience the joy that comes from giving to a charity that puts into action our values and priorities.  We all have our personal reasons for charitable giving.  Statistics show that only a few of us have actually made a charitable gift that will “Leave a Legacy” long after we are gone.

Statistics show a contrast

70% of Americans make gifts to charities each year,  but only 6% of Americans leave gifts to charity through their wills and estates.

Over the next 40 years, it is estimated that between $41 and $130 trillion will pass from one generation to another.

The magnitude of this wealth transfer will exceed what most people believe is necessary to leave to their children.  Many will have enough wealth to take care of their loved ones and still make important charitable donations. 

Do you want the State to make these decisions for you?

If you do not have a will specifying your wishes, the state government dictates how your assets are distributed and a significant portion of your estate will be in the form of federal estate taxes. You deserve the right to decide how your assets will be allocated.   Charitable bequests support nonprofit organizations and can reduce your estate tax liability and in some cases provide a greater benefit to your heirs.

Where there’s a will there’s a way

Estate planning helps to shape and define an individual’s financial plan.  All your assets are a part of your estate: stocks, bonds, retirement benefits, life insurance, jewelry, real estate…any property accumulated by you during your life.  Whether you own a large home and millions of dollars or a more modest home and thousands of dollars of assets you can be a philanthropist with careful planning for the eventual distribution of your property.

Charitable estate planning incorporates a charitable gift with other elements of estate planning.  The gift can be made during life or at death.  Charitable estate planning can help to minimize estate taxes and maximize flexibility for a motivated donor.  It can help a potential donor to give more effectively by deciding what to give, when to give, and how best to give.

A bequest in your will is perhaps the simplest way to give.  You can name a charity to receive a gift of cash or other property from your estate.  You can stipulate that the charity receives a specified dollar amount, a percentage of your estate, or the remainder of your estate after all other bequests are fulfilled.

You have many gift options:

In addition to cash, gifts of property are an ideal way of giving to a charity, especially when the donated assets have appreciated significantly in value.

Gifts of life insurance allow you to make a gift that might be larger than if you were to give an asset outright.  You can give the charity a “paid up” policy that you own, but no longer need, or you can purchase a policy to donate. 

Life income gifts allow you to contribute to charity during your lifetime and receive a yearly stream of income for your lifetime.  These types of gifts include a variety of trusts and charitable gift annuities.

You may make gifts from retirement plan and/or make a planned gift by designating a charity as the remainder beneficiary of an IRA, 401k, or annuity.

A gift of a life estate in real property allows you to enjoy your home or vacation property during your lifetime, while gaining the satisfaction of knowing a charity will benefit from the gift after your death.

Revocable gifts like savings and checking accounts allow you to designate a charity as a beneficiary at your death.