Making a Planned Gift

 

Making a Planned Gift

Most people go through life with the best of intentions when it comes to charitable giving. The biggest problem they face however, is just how to turn those intentions into actions while still maintaining adequate resources for living. Most people also tend to procrastinate, to put things off until it is too late to do something they wanted to do.

Oftentimes donors want to make what is called a "planned" gift to the YMCA. A planned gift is one which is larger than any other they have ever given and is usually "planned" to be given at the conclusion of one's life.

You should know that there are several possibilities when considering a planned gift to the YMCA of Greater Westfield: such as a bequest, a gift of property (i.e. real estate, art, jewelry, etc.), life insurance, securities, a share of the residue of your estate, the remainder of a trust, and many others. Your financial planner or attorney can advise you on what would be best for you, so that you fulfill all your philanthropic and estate planning goals.

Whether you are single, married, raising a family, retired, or planning your retirement, your future and the future of those you care about most should be reflected in the plans you make today. The best plan will balance what you want to accomplish for yourself, your family, and your charitable interests.

Each planned giving vehicle offers different options, whether it be income orientation, frequency of payment to the donor, beneficiary income, taxation, income tax deduction, final disposition, etc. The best way to begin is by doing some pre-planning,

Make a list of the people you want to include in your plan - family, special friends, and charitable interests. Then list all the property you wish to distribute - securities, real estate, life insurance, retirement plans, and personal possessions. Next, consider ways to match the people with the property. Finally, list any professionals may need to consult - your attorney, banker, financial planner, accountant, investment advisor or representatives of charities.

With thorough planning it is possible to meet multiple goals. By choosing the best property to fund gifts, their timing, and the methods used to make them, it is possible to make sizable gifts with a big impact while preserving or actually enhancing your financial well-being. You can also arrange a planned gift so that your support will continue in perpetuity.