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Leaving a Legacy
The Friends of Andersonville, The Andersonville Trust
We all know that we can leave a legacy by preparing for it through our Last Will and Testament. Many of us are not aware, however, that there are other ways to leave a legacy – some of these ways require much less work than rewriting our Last Will and Testament. As you think through what you wish to do with your estate – large or small – it is essential to consult your team of advisory professionals – your attorney, certified public accountant (CPA), and financial advisor. Let’s take a look at some of the ways you can leave a legacy:
• Last Will and Testament. Your professional advisory team – financial advisor, CPA, and of course your lawyer will work together to make sure that your wishes for wealth distribution are legal, consider important tax implications, and are within the scope of your financial plan.
• IRA. You can make a charitable organization the beneficiary of your IRA, and for those over 70 ½ the IRS allow for some tax free distributions to a charity. See www.irs.gov for the details, and contact your CPA for complete information.
• Charitable Remainder Trust or CRT. You can establish a trust in which you place your assets that can pay you an annual benefit each year – the percentage is based on your age. The remainder of this trust is passed to the charity you named. Some may choose to purchase an insurance policy with a portion of the income from the CRT that can provide for your heirs, upon your passing. The CRT can possibly provide a tax advantage for you and your heirs as well as larger financial donation to the charity of your choice. Again check with your professional advisory team – your attorney, CPA, and financial advisor to see if this is right for you.
The Friends of Andersonville and The Andersonville Trust have benefited from many like yourselves who have planned to leave a legacy. These gifts have allowed the Friends of Andersonville to provide an annual gift to the Park and the POW Museum for projects that could not otherwise be funded. These projects include:
• A traveling exhibit for the POW Museum
• Construction and beautification projects
• Marketing literature and a website
• Support of the POW MIA symposium
• Visiting story tellers
Any tax or legal advice should be discussed with your tax or legal advisor prior to implementation.