Your Will: This is often the simplest way to leave a legacy gift. After careful consideration of the charitable bequests you wish to make, meet with your legal advisor to discuss and update your Will. The official legal bequest language for Good Shepherd is: “I bequeath to Good Shepherd Ministries of Wilmington, Inc. (written amount or percentage of the estate or description of property) to be used or disposed of as its Board of Directors, in its sole discretion, deems appropriate.”
Charitable Remainder Trust: What are your plans for the future? While there is no single way to achieve all of your personal and financial goals, this is one strategy that can meet many of your needs. A Charitable Remainder Trust, under the right circumstances, can increase your income, reduce your taxes, unlock appreciated investments, reduce your investment worries, and ultimately provide important financial support.
Gift Annuities: The concept of the Charitable Gift Annuity in America dates back to 1843, when a merchant in Boston first donated a gift of money to the American Bible Society in exchange for a flow of income. Today, this concept includes valuable tax benefits for donors. Perhaps more valuable than the financial advantages is the satisfaction you gain by helping to perpetuate Good Shepherd’s mission.
Life Insurance: You can donate a life insurance policy to Good Shepherd or simply name Good Shepherd as the beneficiary. For the gift of a paid-up policy, you will receive an income tax deduction equal to the lesser of the cash value of the policy or the total premiums paid. To qualify for the federal charitable contribution deduction on a gift of an existing policy, you must name Good Shepherd as owner and beneficiary.
Real Estate Gifts with Retained Life Interest: One of your most value possessions, your home, can become a valued gift to Good Shepherd even while you are still living in it, and even if you want your spouse or other survivor to live there for life. This is called a retained life estate.
Retirement Plan Assets: Retirement accounts are often exposed to income taxes and estate taxes, many of which can be avoided or reduced through a carefully planned charitable gift. Your account can pass directly to Good Shepherd as your primary beneficiary, or it can be transferred to a deferred giving arrangement that will pay an income for life to a family member, after which the remaining assets pass to Good Shepherd. You might even consider a deferred gift that is designed to pay a life income to yourself.
For these and any other estate planning ideas, we encourage you to consult with your financial and legal advisors.