Giving Through a Will, Living Trust, and Other Plans
In addition to filling an important role in providing for the future financial security of your family and others, your will or living trust can offer a way to make thoughtful charitable gifts as part of your long-range estate and financial plans. It can be satisfying to know that a portion of your property will be put to good use in the future.
A gift made through a will or living trust can be convenient to arrange. A simple provision or amendment prepared by your attorney at the time you make or update your will or trust is all that is necessary. Gifts included in wills and living trusts are popular because they are flexible, easy to arrange, and may be changed with your life circumstances.
Ways to Give Through Wills and Trusts
There is no limit on amounts deductible from federal gift and estate taxes for charitable gifts made by will or trust, so no tax will be due on assets given in this way. Estate taxes are also imposed by a number of states. Charitable gifts are normally exempt from those taxes as well. To plan a charitable bequest, inform your attorney of your wishes and ask for advice regarding federal and state tax considerations and the best form for your gift.
If you decide to include a gift in your estate plans, our legal name is Oregon Health & Science University Foundation and our tax ID number is 23-7083114.
Other Ways to Give Through your Estate
Many have life insurance or retirement plans with significant balances. In some cases, these assets total more than is needed for a comfortable retirement, and could give rise to future income and estate taxes.
In that case, it may be wise to consider using these funds to make gifts to benefit Oregon Health & Science University Foundation now or in the future. Contact your life insurance professional or retirement plan administrator for ways to make gifts from these resources today. A simple change of beneficiary form may be all that is required to provide for a gift of life insurance proceeds or what remains in a retirement account. As in the case of gifts through wills and revocable living trusts, such gifts can be arranged to take place only if loved ones predecease you, or in the event of other circumstances you specify.
For more information on retirement plan giving, see Retirement Plan Gifts.
Your retirement plan administrator or your life insurance professional can also provide more details upon request.
Options Using Bank and Investment Accounts
Many people have bank and investment accounts that they would like to leave directly to family, friends, Oregon Health & Science University Foundation or other charitable interests at the end of their lifetime. This can often be accomplished using a “pay on death” (P.O.D.) provision for a bank account or a CD or a “transfer on death” (T.O.D.) provision for certain other investment accounts. Simply ask your bank manager or officer of your financial advisor for the appropriate form. You retain full ownership and access to the funds during your lifetime and the person or charity receives only what is left in the account.
Copyright (c) 2014 The Sharpe Group, Inc.