Your Will or Revocable Trust: This is often the simplest way to leave a legacy gift from your estate. After careful consideration of your charitable goals, your attorney can help you update your Will or Revocable Trust to include a gift to Good Shepherd of a specific dollar amount, other property, or a percentage of your estate. An example of bequest language for Good Shepherd is: “I bequeath to Good Shepherd Ministries of Wilmington, Inc. (dollar 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.”
Retirement Plan Assets: You can designate Good Shepherd as a beneficiary of your IRA or other qualified retirement plan. To do this, you should complete beneficiary designation forms obtained from the plan custodian. Funding a gift to Good Shepherd from your retirement account assets can be smart income tax planning. Good Shepherd is a tax-exempt charity and will not pay income taxes on a gifted IRA (unlike a non-charitable beneficiary), preserving your non-retirement assets for your family.
Life Insurance: You can name Good Shepherd as the beneficiary of your life insurance policy by completing beneficiary designation forms from the life insurance company. You also can donate a life insurance policy to Good Shepherd. To do this you would complete the insurance company’s forms for transferring ownership of the policy. For a lifetime gift of a paid-up policy, you may receive an income tax deduction.
Charitable Remainder Trust: A charitable remainder trust involves a gift of cash or other property to an irrevocable trust that benefits you initially, with charity receiving the remaining assets at the end of the term. Under the right circumstances, a charitable remainder trust can increase your income, reduce your taxes, unlock appreciated investments, reduce your investment worries, and ultimately provide important financial support.
The information on this site is not intended as legal or tax advice. For these and any other estate planning ideas, we encourage you to consult with your financial and legal advisors.
