If you want to control the disposition of your property at death, you need to have a will or a trust to direct how and to whom your property is to be distributed. In your will, you can also name a person or company to administer your estate and someone to serve as a guardian of minor children. If you do not have a will, state law determines to whom your property is given – with no provisions for gifts to friends or charities.

A gift in your will can be:

• A specific dollar amount or a specific asset.
• All or a percentage of the “residue” of your assets (what is left after you have made other gifts).
• Unrestricted or Restricted (used for a particular purpose).
• Structured to provide lifetime income to family before the gift is available for use by GGC.
• Contingent (gift is made only if specific conditions occur, e.g., your spouse has died before you).
• Revocable (Can be changed by you at any time).

We highly recommend that you work with an attorney to craft a legal document that outlines your wishes, including your charitable bequests. Here are Sample Bequest Language that will hopefully guide as you make your legacy gift plan.

Planned Giving with Greater Good Charities

GGC uses gifts from estates as the donor directs. Often bequests are made to establish a named endowment in honor of the donor or others. Endowments are permanent funds designed to provide a perpetual source of annual support for a designated purpose, such as program support, operations, staffing, infrastructure improvements and facility upgrades. Bequests can also be designated for current use, which makes the entire gift available for use immediately.

Charitable gifts from estates present a variety of tax planning opportunities. But unlike charitable gifts made during your lifetime, you do not receive a current charitable income tax deduction. However, if your estate is subject to estate tax, a bequest to GGC entitles your estate to an estate tax charitable deduction for the amount donated, and reduces the amount of tax your estate must pay. Note also that if you make a gift by naming GGC as a beneficiary of your retirement plan or IRA, there are income tax benefits. Please advise with your financial planner or attorney for your individual planned giving.