What Kind Of Legacy Will You Leave?

We all want to leave a lasting and significant impression on the people and organizations that are most dear to us. Planning for the future and considering the legacy you will leave is one of the most effective ways to ensure a lasting impact on the world in which you live.

For many people considering their legacy, ensuring that their loved ones will be sufficiently cared for in the future is of paramount importance. Making a charitable bequest is one of the easiest ways to guarantee that your legacy endures.

What Is a Charitable Bequest?

A charitable bequest is a written statement in your will or trust directing a gift be made to a qualified exempt charity as part of the disposition of your estate. A charitable bequest is one of the most flexible estate planning tools because it can be changed at any time. This ability to remain in complete control of your property during life makes a charitable bequest one of the most popular methods of giving.

What Type of Bequest Should You Consider?

Though making a charitable bequest is a flexible and easy way to ensure the impact of your legacy, there are some important things to consider before incorporating a charitable bequest into your estate plan. The property passing by bequest through your will is subject to probate. Also, the amount of your bequest and the type of your bequest will depend on the value of your estate and the specific assets in your estate.

There are several types of charitable bequests. Depending on your needs and objectives, one type may be better suited for your estate plan than another:

• Gift of a specific dollar amount
• Gift of a percentage of your estate
• Gift of a specific asset
• Gift of the residue of your estate (the assets that remain in your estate after other bequests, tax and administrative costs have been satisfied)

The Legacy You Leave

West Texas Boys Ranch Foundation can help you determine the type of charitable bequest that suits your objectives. They will provide you with confidential information that will ensure you receive the maximum tax benefits as you shape your legacy for future generations. To discuss making a bequest to West Texas Boys Ranch, call (or have your financial advisor call) Jeremy Vincent at (325) 949-1936.