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(Part of a series of articles on charitable giving and the Union County Foundation by David Vollrath - Exec. Dir.) "Legacy costs" (pensions and healthcare) have brought General Motors to it’s knees. Time Magazine reports that GM, by its own admission, owes $89 billion dollars to current and future retirees of the behemoth corporation. When I recently read this article I couldn’t help but compare and contrast how different the term legacy is used in General Motor’s current circumstances versus the way legacy is viewed in the realm of charitable giving. Having vocationally lived in both worlds the contrast is striking (no pun intended). In GM’s world "legacy costs" are a difficult, potentially financially crippling problem with which management wrestles with terminal urgency. In the world of charitable giving "legacy" considerations mean something altogether different. At a community foundation "legacy" considerations are what motivate charitably minded people to "leave something behind" that might make their communities a better place in which to live, work, and raise our families. This is the time of year that many of you might consider your own charitable legacy. Here is some fuel for thought: Prepare a will. This is very easy to accomplish but alarmingly, it is estimated that over 50% of people in Central Ohio do not have a will. If you die without a will you have essentially lost control of what happens to the assets you have worked a lifetime to accumulate. Establishing a proper will through an attorney is easily accomplished and relatively inexpensive. There is no good reason to delay this process. Do it now! Leave a gift in your will for the charitable organizations, which make a difference in your life. Statistically very few wills (less than 3%) include a charitable gift provision. We all should consider some gift provision to charity. A gift of any size can help make a difference. Consider using non-cash assets for your charitable gift. Many people never consider using assets such as real-estate stocks, bonds, collectables, life insurance, etc. to fund charitable gifts. Gifting these assets can yield substantial tax advantages. Name your favorite charity as the beneficiary of your IRA or pension plan. Your plan likely would allow you to leave a % to your favorite charity. Purchase a life insurance policy naming your favorite charity as beneficiary or name your favorite charity as beneficiary (partial or whole) of an existing policy. Significant tax savings can occur if a charity actually assumes ownership of the policy. Honor deceased loved ones with memorial gifts to charities. This could be expanded to establishing a memorial donor advised fund through the Union County Foundation. Encourage family members and friends to include charitable gifts in their estate plans. Maybe your gentle reminder will be the motivating factor. Encourage your financial advisors to include charitable giving as part of their "counsel" to other clients. What could happen if every client were encouraged to include some form of charitable giving in their estate plan? This Holiday season give one of the most wonderful gifts possible… that of a charitable legacy! The Union County Foundation encourages you to consider your present and future charitable goals. The Foundation is equipped to help you achieve these goals by providing: planned giving and estate planning resource information, charitable gift annuities/life income plans, charitable remainder trusts, and a broad array of other philanthropic vehicles. Please call us at 937-642-9618, email commfounduc@imetweb.net, reference our website at www.emarysville.com/unioncountyfoundation, or stop by our Marysville office at 126 N. Main St. We are committed to helping you.... “preserve your footprint in time.” |
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