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Bequests
A
bequest is simply a gift made through a will. A will can be one
of the easiest and most effective ways to make sure that you fully
provide for family, friends, and relatives. A will also allows you
to provide for charitable causes. The federal government encourages
these bequests by allowing an unlimited tax charitable deduction.
Many
thoughtful Children's Home Society supporters have remembered the
Society in their will. Gifts by will, or bequests, both large and
small have been important to Children's Home Society since its founding
in 1896. When you become a planned giving donor, Children's Home
Society will honor you with membership in the Children's Legacy
Society.
If
you have already made a plan to give to Children's Home Society
in your will or estate plan, please contact Reese Wilson at (206)
695-3273, or email ReeseW@chs-wa.org.
Through your special gift, we consider you part of Children's Home
Society's family and want to be sure that we keep you informed and
give you the opportunity to express your wishes.
A
bequest to Children's Home Society of Washington might be worded
as follows:
"I
give, devise, and bequeath to Children's Home Society of Washington
for its general purposes all (or state fraction or percentage) of
the rest, residue, and remainder of my estate, both real or personal."
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Life
Insurance
As
your children grow and become independent, and your retirement benefits
or investments offer security for the future, your need for your
life insurance policy may change. If that is the case, your policy
can be donated to Children's Home Society, providing you with tax
benefits.
If
you have a life insurance policy that is no longer needed, you can
simply name Children's Home Society as beneficiary, or contingent
beneficiary, of the policy. Or, if you wish, a new policy may be
purchased with Children's home Society named as beneficiary.
Either
way, life insurance policies are unlike anything else you can give.
They are assets that expand to many times their original value because
the premiums for many never amount to the size of the death benefits.
Thus they afford a way for you to make a major gift at a very low
cost.
Your
life insurance can also create a tax income deduction during your
lifetime if Children's Home Society is named owner of the policy.
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Trusts
Trusts
can take many forms and can be an extremely valuable financial planning
and charitable giving tool. Trusts are used to guarantee that your
wishes, with respect to the use of your property, are carried out
during your lifetime or that of your beneficiary. The placement
of certain assets in a trust can also provide you with continued
income now and benefit Children's Home Society later.
Charitable
Remainder Trusts
A
charitable remainder trust may be established with either cash or
property. Income produced by the trust's assets is payable to you
for your lifetime or a designated number of years. At the end of
the defined time Children's Home Society is given the assets.
A
charitable remainder trust can provide you with a fixed dollar income
or a percentage of the value of the trust, determined annually,
based on your individual financial needs. In addition to providing
income you can depend on, these types of trusts also provide significant
tax benefits. Avoidance of capital gains tax on appreciated property
or securities, and an income tax deduction for the year the trust
is established (and up to five years thereafter) are just two of
the many benefits you may receive. Significant estate tax savings
may also be realized since the trust remainder passes directly to
Children's Home Society.
Charitable
remainder trusts can be established in two ways. One is to set up
the trust during your lifetime, the other is to establish one through
your will to benefit your spouse or other loved ones. Either way,
you will have the gratification of knowing that your future gift
will benefit children and families in need.
Charitable
Lead Trusts
Under
a charitable lead trust, Children's Home Society is given the income
produced by the trust for a designated number of years. After the
specified time, the assets revert back to you or your beneficiaries.
Such an arrangement can result in a significant charitable gift
as well as estate tax savings.
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