As we wrap up October, National Estate Planning Awareness Month, it’s the perfect time to reflect on the importance of planning for the future. Estate planning allows you to define how your assets will be distributed according to your wishes. A critical component of this is legacy giving, ensuring that the causes you care about continue to be supported, uplifted, and moved forward for future generations. Imagine looking down the road ten, twenty, or even forty years and seeing that the impact you created in your lifetime lives on, thanks to careful planning.
By remembering the Shiawassee Community Foundation in your estate plan, you are making a meaningful decision to support your charitable goals beyond your lifetime. Legacy giving can preserve your family name, honor loved ones, support heirs, reduce your tax burden, and, most importantly, make a lasting difference in our community.
Why is Estate Planning Important?
Estate planning provides numerous benefits for you and your loved ones, including:
- Ensuring your legacy reflects your wishes
- Providing peace of mind that your affairs are in order
- Supporting the causes you care about, including charities and programs important to you
When Should I Include a Charitable Gift in My Estate Plan?
Any time you’re drafting or updating your will or estate plan is an excellent opportunity to consider charitable giving. Whether through your will or by designating the Shiawassee Community Foundation as a beneficiary to your 401(k), IRA, or life insurance policy, legacy giving is simpler than you might think. Additionally, you’ll be welcomed into the Legacy Society once you notify us of your intent.
What is the Legacy Society?
The Legacy Society is a group of generous individuals and couples who have included the Community Foundation in their planned or deferred gifts. Its purpose is to recognize, thank, and celebrate those who have chosen to make a lasting difference in Shiawassee County. Members of the Legacy Society share a few key traits: they’ve worked hard, saved wisely, invested well, and most importantly, they have a deep love for Shiawassee County and a desire to see it thrive forever.
How Do I Plan a Legacy Gift?
Making a legacy gift is easy and can be tailored to your unique financial goals. Here are three simple steps to get started:
- Designate the Community Foundation as a beneficiary in your estate plan or retirement account.
- Notify us of your intentions so we can include you in our Legacy Society.
- Rest easy, knowing your charitable wishes will be carried out by the Community Foundation’s dedicated team, who will handle all administrative tasks.
What Assets Should I Give?
Your financial advisor can recommend the best assets to maximize tax benefits for charitable gifts. Many people opt to gift stocks, real estate, and other appreciated assets during their lifetime while choosing retirement assets, like a 401(k) or IRA, for charitable gifts upon their passing.
Must I Give a Large Portion of My Estate to Join the Legacy Society?
Planned giving is less about the size of your estate and more about your intention to make a meaningful difference. The Legacy Society honors all gifts, believing the most important gift is the one that’s right for you.
Looking Ahead
Planning a legacy gift allows you to ensure the causes you care about will continue to be supported long after you’re gone. If you’re considering making an impact that lasts, contact your estate advisors or contact us to learn how we can help you create a legacy plan that aligns with your values. Together, let’s grow a legacy of giving that will keep Shiawassee County thriving for generations.
