A gift from your estate to charity can be one way you make a difference in the world, and leave a legacy of caring.
A professional advisor or a planned giving professional can help you to determine which type of charitable gift from your estate is appropriate in your circumstances; you may want to consider the following:
- Bequests — A bequest is a gift you make through your will. It is the most popular type of planned gift. A will offers a way to care for your family and your favorite charitable organizations in the same document. You can give a specific dollar amount, a percentage, or the remainder of your estate through your will or trust.
- Life Income Gifts — Create a gift that will do good and do well at the same time. Make a gift, such as charitable gift annuity or a charitable remainder trust, that will pay you or another during your lifetime, and the remainder will fund ministries after your death. Speak to your favorite nonprofit organization to consider life-income gifts.
- Life Estates — Transfer title of real estate and retain the right to live there for your lifetime.
- Donor-Advised Funds — Create a fund at a charity that allows you to suggest recipients of the income on your timetable.
- Beneficiary Designations — Name your favorite charities as the beneficiary of your life insurance policy, retirement plan, IRA or pension plan.
- Transfer on Death — You can direct certain bank accounts to transfer on death to your favorite charity. In West Virginia, you can also include a transfer on death provision in a deed to real property. When using real estate as a charitable gift, please consult the charity first to ensure that the provisions of its gift acceptance policy are satisfied.
- Qualified Distributions from your IRA — Donors 70 ½ and older can transfer up to $100,000 per year to charity with no tax consequences as long as the transfer is made directly from the IRA administrator to the qualified nonprofit organization.
What kind of difference do you want to make in the world? If you’d like to leave a legacy to support your favorite charity, let them know. Their staff will work with you and your trusted advisors to help you make the gift that makes the most sense for you.
