Lifecycle events that create legacy opportunities
â¢ Provide income support for a loved one: Perhaps a parent or loved one needs a set amount over their lifetime. Assuming certain thresholds are met, one can simply buy one annuity for another.
â¢ Celebrate your 70 Â½ birthday: Use a minimum required distribution (RMD) from an IRA.
â¢ If it’s time to downsize: Donate valued real and / or personal property, intellectual property, or even mineral rights.
From generation to generation: It is no longer a given that children continue to live in the same city as their parents – which has long-term effects on the links between local institutions and families. Good planning, however, can keep these civic ties alive and strong.
For example, an endowment donation to an arts organization may come with annual recognition and commitment through sustained performance. This allows future generations to get involved in the institutions that mean the most to you.
Get Creative With Your Planned Giving: The current financial climate makes master charitable trusts a particularly attractive option. The intangible benefit, in addition to the advantageous rates, is an opportunity to celebrate the impact of the donor during his lifetime.
A main charitable trust allows life income to go to a beneficiary institution, the remainder to a specified beneficiary on the death of the donor. In addition to allowing the donor to enjoy the impact of their donations over their lifetime, a main charitable trust also offers the opportunity to continue the conversation about additional donations.
Major charitable trusts can be funded during traditional life cycle events – such as the birth of a grandchild – but also in other situations such as the sale of a business or downsizing of a business. ‘a house and the use of the profits as a gift.
In âLeaving a Legacy: A New Look at Planned Gift Donorsâ commissioned by Giving USA, survey respondents indicated that they had changed their wills two to three times in their lifetime depending on their personal circumstances. So the answer to the question “When is the right time to discuss a planned gift?” it is now !
So what is the measurement of a woman or a man? Jonathan Larson’s ‘Seasons of Love’ describes the perfect impetus for donors and planners to have ‘the never-ending story’ using real estate vehicles to improve the lives of future generations while securing the future of the institutions that we cherish and want to preserve.