Almost invariably, your estate will pay less tax if gifts are given to charities. It is worth bearing in mind the tax threshold when dividing up your estate, so that your gifts to family and friends are not liable for inheritance taxes.
You can make donations at your death by will or trust, in some cases receiving double double-tax benefits. By setting up a “charitable remainder trust” (CRT), for example, you can receive an income tax deduction now and also remove assets from your estate to protect your heirs from further financial penalties at the time of your death.
You also are eligible for Federal tax benefits by making a charitable donation or by removing assets from your estate, thereby avoiding estate and inheritance taxes as well as benefiting those for whom you provide at your death. All contributions, gifts, bequests, devises, and transfers are tax deductible. Our Federal EIN is 84-1659141. For more information, please visit the IRS website: http://apps.irs.gov/app/pub78.
Making a Will and conscientious financial planning are the only ways to be absolutely certain that your estate will go to the people and causes that you care most about. After you have provided for your family and friends, you may want to consider dividing the remainder of your estate among the charities and causes that you support.
The issues involved in making donations by Will or Trust are complex. There is no simple formula to determine which method of giving is best for your needs and those of your family.
You should consult an attorney at the beginning of the planning process to avoid unforeseen legal hurdles or challenges that could affect the way your estate is managed for future generations. Just remember that you control the final decisions that will affect the destiny of your gifts.
Keep your Will up to date.
A Will requires a periodic review and it can be altered easily by means of a codicil. You should review your Will every few years or whenever there is a major change to your circumstances, such as birth, marriage or death.
Keep your will safe.
Once your Will has been signed, it should be kept in a safe place. Some people choose to keep their Will with other important papers in a safety deposit box at a bank (for a fee). Others give a copy of their Will to a trusted family member, friend, or their attorney. Whatever you decide, it is important that your Executors are informed about the storage arrangements.
I already have a Will: What should I do?
If you have already made a Will, all you need to do is ask your attorney to add a codicil to your paperwork, rather than draft a new one. A codicil is a document made subsequent to a Will with the intention of altering one, or some, of the provisions in the Will.
I don’t have an attorney? What should I do?
If you don’t have an attorney, we can provide you with a list of lawyers who are well-practiced in writing Wills living your area.
If you would like us to send a reference list, please contact us: firstname.lastname@example.org or 319-899-1624.
Alternatively, you can contact your local or state bar association. They will be able to provide you with a list of attorneys who specialize in estate planning in your area.
To make a donation, please mail your check to:
Come to the Stable/The Stephen Spalding Foundation
1333 Ninth Street
Marion, Iowa 52302
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Or call: 319-899-1624
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