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Planned Giving
When individuals begin to assess and
plan their estates, two basic values often emerge. The first,
quite naturally, is to take care of the important people in
their lives. The second is to have their lives make a difference,
to create a meaningful legacy for the causes and institutions
in which they believe. To reach these goals, those who do
plan their estates can receive valuable help from organizations,
like the Kennebunk Land Trust, who provide no-cost, confidential
estate planning and referral services for prospective donors.
There are many estate planning and tax incentive
charitable giving opportunities available to all donors, including
those whose estates are now exempt from taxes after the recent
overhaul of the tax code regarding both gift and estate taxes.
Wills
The simplest, and most often utilized method
of estate planning is a professionally crafted and individualized
will that contains specific bequests to heirs and charities.
However, wills can sometimes get caught in costly, even contested,
delays in probate court and executorship. The final result
may be something quite different than what was originally
intended by the donor.
There are many ways for donors to avoid probate
and executorship and also achieve their wishes for family
and charitable beneficiaries.
Gifts
If they so choose, donors can establish gifts
during their lifetimes, thereby personally enjoying and sharing
the benefits of their gifts. The advantages to family members
and charities of these during-the-lifetime gifts (inter vivos)
are plentiful.
Life Estate
Another excellent method of making a gift
to a charity is called a life estate. The donors simply deed
over their residence or vacation home to a charity, but they
retain the right to live there as long as they wish. The life
estate is not counted as part of the estate for tax purposes,
is not subject to probate court or executorship, and it can
provide significant income tax savings.
Estate & Gift Planning with KLT
Many charities, including the Kennebunk Land Trust, provide
donors with estate and gift planning consultation and referral
services at no cost. Taking advantage of these pro bono services
enables the donors to sit down with professional estate planners
with a good idea about what their options are in advance.
These consultations can save on professional fees and can
provide donors with a clearer understanding of how specifically
they can help their families and the charities of their choice.
Many charities that provide these confidential services will
gladly share planned gifts with other charities that the donor
wishes to support. If you are interested in setting up such
a consultation with a KLT Estate Planning professional, please
call us at (207) 985-8734 or e-mail.
Wayne Roberts Stewardship Fund
KLT accepts contributions for the Wayne Roberts Stewardship
Fund, a designated account that provides funding for land
management activities. For more information, e-mail
us or call the KLT office at (207) 985-8734.
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