REVIEWING YOUR WILL
It's your legacy!
Penrickton
Center for Blind Children depends on the charitable support of
individuals, businesses and service organizations. It is only
through their generosity that Penrickton Center can provide the
critical programs and services needed by children who are blind
and multiply disabled.
| IMAGINE FOR JUST A MOMENT:The
excitement young children experience as they explore the
world around them in spite of their blindness. The pride
a blind and multiply disabled child feels ihn being able
to take care of personal needs such as tying shoes,
feeding, brushing teeth and dressing "all by
myself." The joy even the most physically challenged
child feels in discovering greater movement through
mobility therapy as well as music and dance. The
relief parents feel in knowing that their child has a
bright and hopeful future. Every day we help children to
reach out, learn and achieve their full potential in
life, but only because of people like you who care to
make these things happen. We appreciate your interest in
perpetuating this help. An
up-to-date will is an essential part of every estate
plan. If you do not have a will it is important that you
initiate that process. Your attorney will help you draft
a will. Each state has different laws and it is vital
that you seek the help of a competent professional. If
you don’t have an attorney now, ask friends of
relatives for the names of attorneys in your area who
have helped them satisfactorily. Or you can call your
local bar association for a list of attorneys with estate
planning experience. Be sure to tell them that you want
to make a will. The cost of drafting most wills is not
expensive. Of course you should ask your lawyer in
advance what it will cost. The expense is almost always a
good investment as you probably will reduce estate
settlement costs and may reduce taxes. BEFORE YOU VISIT YOUR ATTORNEY, WRITE DOWN; The
people and charities you want to include in your plan.
Don’t forget to write down their addresses, ages and
full names.A list
of your assets. Include your home, stocks, bonds, CDs,
life insurance and vacation home or time share if you
have one.Any
debts or mortgages you may have.Your
income and its sources.You may
already have an accountant or financial planner. You
should include their names, addresses and phone numbers.If you
already have a will, it is usually quite easy to change
or amend it. From time to time you will want to review
your will, especially if you move, if you have a change
in marital statue, if new grandchildren are born or if
you have a significant changes in asset values.There are many ways you can give to charities as part of your estate planning. An
outright bequest. This is the simplest and easiest way
for most donors to make a lasting and satisfying gift to
their favorite charity. If you already have a will, you
can make a gift inexpensively through the use of a
codicil. Charitable bequests are deductible from your
estate, and therefore, tax savings are possible.Gifts
of a personal home, vacation home or condominium. You may
make an outright gift of real property or you may prefer
to retain the right to occupy the property for life. You
can retain this right for a personal residence or a
vacation home. One of the advantages to such a plan is
that you can take a current income tax deduction of the
remainder interest. Another advantage is that you
don’t lost income or increase your expenses. The
gift may also help you avoid estate taxes as well.Charitable
gift annuity. Arranging a gift annuity can provide you
with income for life. You may choose to provide for a
loved one as well. You receive an initial tax deduction
for a portion of the amount invested. Payments made to
you may be partially tax exempt. You may also reduce the
possibility of estate taxes. You can generate additional
tax benefits by exchanging appreciated property for a
charitable gift annuity. Gifts
of life insurance. Life insurance provides protection for
a growing family when it is needed most. When that need
is no longer present, the donor may transfer the policy
to a charity. The present cash surrender value of the
policy is deductible as a charitable contribution. If you
continue to pay the premiums. they too are deductible.
Upon your death, the charity will receive the proceeds.
Even a term policy of over $50,000 can provide you with a
tax benefit and the charity with a potentially
substantial gift.Charitable
remainder trusts. They can provide a wonderful
opportunity to receive income for life, avoid capital
gain taxes, reduce income and estate taxes and make a
substantial gift to a favorite charity. You may transfer
cash or income-producing property into the trust. You may
designate the income to go to a second beneficiary. An
advantageous way to fund such a trust is to use
appreciated property (stocks, bonds, real estate). Thus,
you can avoid capital gains tax and possibly increase
your income as well. You must keep in mind that the
arrangement of such a trust is an irrevocable act.(1) A
charitable remainder annuity trust must pay you or
another income beneficiary a fixed dollar amount of a
least 5% of the initial value of the assets placed in the
annuity trust. The amount you receive stays the same each
year.(2) A
charitable remainder unitrust must pay a fixed percentage
of at least 5% of the fair market value of the trusts
assets as determined each year. The dollar amount you
receive can go up or down. Payments can be limited to
trust income with the difference carried over to future
years.Charitable
lead trust. Occasionally this my be an advantageous way
of giving. In this case the charity receives the income
and the remainder interest returns to you or passes to
beneficiaries of your choice. The income paid to the
charity may provide you with a tax deduction, but the
overall tax advantages are far less than those provided
by the charitable reminder trust. Nevertheless, the lead
trust may be used to reduce or avoid gift or estate
taxes. Special
note: Penrickton Center depends on annual gifts to
maintain its services for children who are blind and
multiply disabled. Outright gifts of cash or appreciated
securities are tax deductible according to law. If you
work for a company with a matching gift program, you can
increase your gift; please supply us with the necessary
matching gift forms. |
 |
Additional
Information |
 |
PENRICKTON CENTER FOR BLIND CHILDREN
26530 Eureka Road
Taylor, MI 48180
(313) 946-7500
Services are offered without regard to race, color, religion,
national origin or sex.