You strive to live a good life on earth, with the assurance of eternal life after we pass. You’d like to be remembered for how you lived — with kindness, compassion, and wisdom. One way to have your legacy reflect your life is through a charitable legacy gift. Here are four easy ways to create your charitable legacy.
01 Assign your parish or nonprofit as a beneficiary to your life insurance, retirement account, or annuity. All it takes is completion of a simple form to change the beneficiary designation on these accounts. And, this is an easy way to remove the tax burden of highly appreciated assets (especially retirement accounts) from your loved ones.
02 Make a simple tweak to your will or trust to include a gift to charity. How you allocate the gift depends on your situation and goals. You can designate a specific dollar amount or asset. Or, some folks consider the charity as another child — so if they have three children, they evenly distribute their estate four ways, with the charity receiving one-fourth.
03 Gift real estate with a Transfer on Death Deed. Whether you’re gifting your home or a vacation property, this giving strategy allows you to transfer the real estate title and avoid probate.
04 Open a charitable gift annuity (CGA) to make a gift that pays you for life. Supplement your retirement income with steady payments that are partially tax-free. What’s left of your gift upon death supports your favorite parish or nonprofit.
These four strategies can make it easy to leave a charitable legacy. To learn more about these options or explore more complex gift types, talk to the friendly experts at the Catholic Community Foundation of Minnesota. We’re happy to help you leave your charitable legacy.
The information provided above by the Catholic Community Foundation of Minnesota (CCF) is general and educational in nature. CCF and its staff do not provide individualized legal or tax advice. We recommend you consult with your attorney or tax professional regarding your unique personal situation.