We all want to leave a lasting and significant impression on those people most dear to us. Planning for the future and considering the legacy you will leave is one of the most effective ways to ensure a lasting impact on the world in which you live.
For many people considering their legacy, ensuring their family members will be sufficiently cared for is of paramount importance. Making a charitable bequest to The Children’s Center Rehabilitation Hospital is one of the easiest ways to guarantee your legacy endures.
A charitable bequest is a written statement in your will or trust directing a gift be made to a qualified charity as part of the disposition of your estate. A charitable bequest is one of the most flexible estate planning tools because it can be changed at any time. This ability to remain in complete control of your property during life also makes a charitable bequest one of the most popular methods of giving available.
Once a donor has decided to make a contribution, the gift should be structured to obtain the maximum tax benefits. Your attorney or financial adviser is an excellent resource. A charitable contribution can:
- Reduce income taxes including capital gain taxes
- Reduce transfer taxes including gift and estate taxes
- Create income for yourself and others
The charitable deduction not only reduces the out-of-pocket cost of a gift but, in many cases, makes possible a larger contribution than originally planned.
Many friends would like to make a gift to the Hospital above and beyond what they are able to contribute on an annual basis. A practical way to accomplish this is to make a gift through a will or Revocable Living Trust. Bequests can be made in the form of a specific gift or cash or property, or a percentage of the remainder of an estate.
The following language might be helpful to your attorney when making a bequest to the Hospital:
I hereby give, devise and bequeath to The Children’s Center Rehabilitation Hospital, Inc., an Oklahoma nonprofit corporation, $____________ (or____% of the rest, residue and remainder of my estate) to be used for the general purposes of The Children’s Center Rehabilitation Hospital, Inc. (or for a particular program of the donor’s choosing).
Depending on your needs and objectives, one type of charitable bequest may be better suited for your estate plan than another.
- Gift of a specific cash amount
- Gift stocks and bonds
- Gift of a percentage of your estate
- Gift of a specific asset including real estate or personal property
- Gift of a farm or oil lease
- Gift of the residue of your estate (the assets that remain in your estate after other bequests, tax and administrative costs have been satisfied)
There are many ways to make a meaningful charitable gift using a will or trust.
Often a charitable gift is given in memory of someone—either the donor or a person loved by the donor. We are pleased to honor such a request.
Certain types of assets are not subject to the probate process and pass outside the will by beneficiary designation. Non-probate assets are excellent candidates for charitable bequests and may save income and estate taxes. Some common non-probate assets include:
- A life insurance policy
- An IRA or other retirement account
It is possible to bequeath this type of asset, but you will need to do so by completing a beneficiary designation form. A provision in your will is not sufficient to alter the disposition of those assets at your death.
A bequest is one of the easiest gifts to make. With the help of an adviser, you can include language in your will or trust specifying a gift be made to your family, friends or the Hospital as part of your estate plan.
The search for significance and the desire to plan for your family’s future may lead you to consider a charitable bequest to the Hospital. This type of gift can help shape the legacy you leave for your loved ones for many years to come.
It is suggested you consult with your attorney or financial advisor prior to selecting a means of making an estate gift. We have literature available on estate planning.
The planned giving professionals working at The Children’s Center Rehabilitation Hospital are trained to work with you and your attorney or accountant to help you determine the type of charitable bequest that suits your objectives. They will provide you with confidential information that will help shape your legacy for future generations.
Josh L. Trimble, Chief of Foundation Management
The Children’s Center Rehabilitation Hospital, Inc.
6800 Northwest 39th Expressway
Bethany, OK 73003
The information in this publication is not intended as legal advice. For legal advice, please consult an attorney. References to estate and income tax include federal taxes only; individual state taxes may further impact results.