We all know that giving can be a very satisfying and rewarding experience. And most of us want to leave a legacy to show that our lives have made a difference in society. Someone once noted that most of us will work more than 40 years to accumulate assets, will spend ten years conserving what has been accumulated, but will not take two hours to plan carefully for their distribution.
"It is not the plan that counts, it is the planning."
- Anonymous
Let's explore the power of Planned Giving!
Retirement Plans
You have worked many long years and worked hard to save for your retirement. You may have a company retirement plan or a private fund, such as an Individual Retirement Account (IRA) that will provide for you and your loved ones during your retirement years. Whether it is a company plan or an IRA, or a combination of both, you can designate Boys and Girls Homes as the final beneficiary of any remaining funds you or your loved ones do not use. Either when the plan is established, or at a later time, you can designate the amount or percentage of assets you wish to designate to Boys and Girls Homes.
Did you know that leaving a retirement plan to a child could potentially be taxed twice? It is possible that the remainder of the retirement plan will be taxed as part of your estate - and then taxed again as income to your children. Consider leaving the retirement plan to Boys and Girls Homes to avoid the estate and income taxes and then utilize other assets to ensure your family is well cared for.
