It’s (Always) a Great Time to Review Your Estate Plan and Legacy Gifts
Even if your estate planning documents are already in place, this is still a good time to review your will, trust, and beneficiary designations to ensure that they still capture your financial and family situation, as well as your intentions.
It’s hard not to be inspired by the incredible stories of generosity that no one saw coming. Every year, many nonprofit organizations receive estate gifts they had not expected. Stories about these donors are heartwarming!
Remember, your GCF fund can be an ideal recipient of estate gifts through a will or trust, or through a beneficiary designation on a qualified retirement plan or life insurance policy. Bequests of qualified retirement plans–such as your IRA–can be extremely tax-efficient, because charitable organizations like GCF are tax-exempt. This means the dollars directed to your fund from a retirement plan after your death will not be reduced by income tax. This also means the assets will not be subject to estate tax.
GCF makes it easy for your attorney to draft bequest terms in legal documents. Please contact our team for the language that will ensure alignment with your intentions.
Keep in mind that even after you have executed estate planning documents or beneficiary designations, you can always update the terms of your GCF fund
We look forward to hearing from you and your advisors as you update your estate plan to reflect the difference you seek to make in our community.
To discuss estate planning and legacy gifts, contact Julie Dierker at julie.dierker@gcfdn.org or 513-768-6163
