Return To Programs Page      eClub One - Archive Articles List
 

We hope you enjoy the programs at eClub One

Daily Camera

Column #2

Enid Ablowitz

6-29-00

Making Money Matter: Testamentary Giving

Healthy eating. Exercise. We seek the fountain of youth. But, one of these days, as the bard said, we will “shuffle off these mortal coils.” Nobody likes to think about death, but it will happen. Guaranteed. So, what does that have to do with philanthropy? A lot.

In his Pulitzer Prize winning book, The Denial of Death, Earnest Becker looks at the overarching phenomenon of striving for immortality and how much of what we do is motivated by this quest. At the very least, as we age, we think more about what we will leave behind. Perhaps our legacy is demonstrated by our children, or by the lives we have impacted through our work, paid or volunteer.

We also leave a financial legacy. When we die, our assets are distributed. If you’re like most people, you want to provide for your surviving spouse or partner, then other members of your family, or close friends. But what about the larger community? You can perpetuate your values by making testamentary gifts to the organizations you care about: your place of worship, a non-profit social service agency, an arts organization, or maybe an educational, research or health care institution. I’m sure you have your own list.

Becoming a philanthropist is not about how much you give, but rather about how you give—about passion and planning. Making a bequest includes both. Writing a will requires thought and the advice of a good attorney who can guide you through the steps. Once you have taken care of your heirs, ask yourself what organizations have enhanced your life, or can meet the needs of others in your life. What organizations stand for the things you believe in? Then, set aside a portion of your financial legacy to define your personal legacy.

How do you begin?

1. Face your mortality. Do you have an up-to-date will? If you don’t, talk to an attorney soon. Make no mistake. If you don’t have a will, the government decides how to apportion your estate. (For larger estates, planning can avoid some gift and estate taxes.)

2. Determine the value of your estate, then quantify your social legacy. You can express your bequest in terms of dollars, or as a percentage of your estate, which takes into account fluctuations in value. Another option is to name residual beneficiaries to receive whatever is left after your other distributions.

3. Determine what organization(s) you want to benefit from your charitable gifts. Find out their official names and verify that they qualify as non-profit corporations under the IRS code.

4. Be sure the gift is made out of the appropriate assets within your estate. For example, designate retirement fund assets as charitable gifts first, since they are often subject to both estate taxes and income taxes to your heirs.

5. You can identify the specific use of a bequest. You may want to fund a special program, give a gift for equipment or a building fund or maybe even create an endowment. Bequests can also be used to perpetuate family philanthropy by setting up a donor-advised fund or family foundation.

6. If you choose, you can specify that your name or the name of someone you want to honor be identified whenever funds are expended as a result of the bequest.

Perhaps, philanthropy can provide us with a slice of immortality after all.

Send your questions about making charitable gifts to Enid Ablowitz, Features, Daily Camera, 1048 Pearl St., Boulder, 80302 or e-mail???/Fax????

Ablowitz, the Asst. Dean for Advancement at CU’s College of Engineering is a Certified Fund Raising Executive and has been working with donors for over a decade. She is writing a book called Making Money Matter: 8 Steps to Thoughtful Giving.

Now that you have completed this program, you have these options

To do BOTH use the Critique E-mail first, then return and click on the Make-Up Request Form

The content of programs appearing on the eClub One Make-Up website are the opinions of the authors and may or may not be shared by members of Rotary eClub One. These programs are presented by Rotary eClub One for use by site visitors, just as any program that might be presented at a Rotary meeting anywhere in the world.

© 2007 eClub One District 5450
Solution Services Inc