Let Your Will Create Your Legacy

The start of the year is a unique time to think about the mark you will leave on the world. Most of us would like to make a difference in the lives of our loved ones. We take steps to make sure that they are taken care of when we are no longer here.

What if you also want to make a difference in your community or help to better society as a whole? Leaving such a legacy can be easier than you think. One of the simplest ways to accomplish this goal is to make gifts in your will to charities that are meaningful to you. Surprised? It’s true.

A gift through your will or other estate plan lets you continue your support of BGCEC Foundation into the future.

Choose how.

There are many ways to structure your gifts to maximize the benefits both to you and your loved ones. We are here to assist you as you consider your giving options.

Charities can be named in your will in the same way that you can include your spouse, children, grandchildren and other heirs. You can choose to leave a specific amount, or you could decide a charitable gift should be made only after your other beneficiaries have received their gifts.

Continuing to support the charities that you feel make a difference in the world beyond your lifetime—now that’s a rewarding and meaningful legacy.

Legacy FAQ’s

How Do I Establish My Legacy?

              The start of a new year can bring to mind what you’d like to accomplish in the next 365 days. The idea of what you’ve already done and how you’ll be remembered may also pop up. Have you ever wondered what your legacy is and if so, did you have an answer? Keep reading if you’d like to see answers to commonly asked questions people have about creating a legacy.

Q: What is a legacy gift?

A: A legacy gift is made through your will or other estate plan and lets you continue your support of a favorite charitable interest into the future. It also displays the ideals and organizations you value and support, so they continue into perpetuity for future generations to enjoy.

Q. Are there different ways to make a bequest in my will or other estate plan?

A. Yes, when you establish or update a will you may include a charitable bequest of what is left after all other bequests have been made, a percentage of what remains, a specific dollar amount or a particular asset.

Q. Can I do anything with a life insurance policy I no longer need?

A. It is rather simple to designate a charitable interest as the beneficiary of a life insurance policy without changing your will. You may have a life insurance policy, taken out years ago, that is no longer needed for its original purpose and can now be used as a charitable gift.

Q. What about using retirement accounts for gifts?

A. You can make a charity the beneficiary of an IRA or 401(k). In fact, it can be beneficial from a tax standpoint to do so. When you leave the balance of an IRA or 401(k) to your heirs, they must carefully manage the account to avoid losing its tax-deferred status and potentially triggering large income taxes and possible penalties.

You can simplify matters for your loved ones by directing all or a portion of what remains in your retirement account to charity and leaving other more tax-favored assets to your heirs. It is important to check with your plan manager to make sure your charitable intention is reflected on your beneficiary designation form.

Learn more 

These are just some of the ways you can use to establish your legacy. Please contact us if you have any questions or would like to discuss other available methods to make your charitable gifts.

Forrest Higgins, Executive Director | 619-440-1600