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THE WILL AS THE CORNERSTONE OF
ESTATE PLANS
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A will is the most common
arrangement for distributing assets. A bequest to a charity
is specified in a will or as a remainder interest in a revocable
trust. Benefactors may bequeath a specific amount or a
percentage of the "residue" (the amount that remains
after paying all inheritances, debts and costs). There are
special arrangements, or testamentary trusts, established by will
that can provide financial benefits to family members and later
become gifts to charity.
People enjoy making charitable gifts to causes in
which they believe, and a bequest can be a continuation of the
charitable support they provide during their lifetimes.
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CONSIDERATIONS AND BENEFITS OF
BEQUESTS
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- Many people are familiar with bequests to charity made
by will but are uninformed about the benefits of other charitable
planned giving options.
- Bequests often are the first step in developing other
charitable gift plans.
- A bequest can form the basis of a memorial gift
- Funds received through a bequest will ultimately
contribute to the growth of the Oakland Family Services Endowment
Fund.
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DONOR PROFILE FOR BEQUESTS
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- Donors who believe they need to control all of their
assets to maintain their standard of living.
- Younger donors who are unsure of future needs and
typically leave a percentage of the estate or residue to charity when
they execute a will.
- Donors who have a long history of gift giving to a
charity but are not able to give a large gift.
- Donors with assets and no heirs.
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TO LEVERAGE YOUR BEQUEST THROUGH
THE "TOUCH THE FUTURE" PROGRAM:
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- New bequests made through a Last Will and Testament (or
a trust funded by a "pour over" will to OFS) are eligible for Bonus
Grants of $1,000 from the Community Foundation for Southeastern
Michigan.
- A bequest must be for $10,000 or more to qualify for a
bonus grant.
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| The information presented is for educational purposes
and should not be considered as tax or legal advice.
Donors should consult with their professional advisors. |
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For more information call the OFS Development Department at (248) 858-7766 or
email at: smorrison@ofsfamily.org.
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