Benefits of a Charitable Bequest*
Simplicity. Just a few sentences in your will or trust are all that is needed. For example, the recommended bequest language for West Maui Taxpayers Association Inc is: “I, [name], of [city, state, ZIP], give, devise and bequeath to West Maui Taxpayers Association Inc, Tax ID # 99-0160368, [written amount of percentage of the estate or description of property] for its unrestricted use and purpose.”
Flexibility. Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
Versatility. You can structure the bequest to have a specific item or amount of money, make the gift contingent on certain events or leave a percentage of your estate to us.
Potential Tax Relief. Your estate may be entitled to an estate tax charitable deduction for the gifts full value.
Legacy of Giving. Your support for your favorite charity will continue after your lifetime.
Leaving a Charitable Gift in Your Will or Trust*
One of the most popular gifts to charities is a gift through a will or a trust. Called a charitable bequest, this type of gift offers these main benefits: Simplicity, Flexibility, Versatility, Potential Tax Relief and Legacy of Giving.
How it Works
To make a charitable bequest, you need a current will or revocable living trust. West Maui Taxpayers Association. encourages all donors to seek advice from a qualified estate planning attorney for their wills and trusts. Your attorney may modify your existing will or may recommend revising it. In either case, you can inform your attorney of your wishes and include a bequest in your will or trust.
Your gift can be made as a percentage of your estate. Or you can make a specific bequest by giving a certain amount of cash, securities or property. After your lifetime, the charity receives your gift.
Putting Your Family First
When planning a future gift, it’s sometimes difficult to determine what size donation will make sense. Emergencies happen, and many people ask about how to make sure their family is financially taken care of first. Including a bequest of a percentage of your estate helps ensure that your gift will remain proportionate no matter how your estate’s value fluctuates over the years.
Giving a gift through a will or trust is a popular method of providing a legacy to the charity of your choice.
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For more information, call Joseph Pluta at 808-661-7990, e-mail Pluta@maui.net
*Individuals are encouraged to seek advice from a qualified estate planning attorney for wills and trusts.
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